Life Insurance & Final Expenses
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Why Do You Need Life Insurance?
Life insurance is the foundation of a sound financial plan. Whether securing your family’s standard of living, paying off a mortgage, or covering funeral and final tax obligations, Zoobla Financial compares 30+ Canadian insurers to find the lowest premiums.
Cover Your Mortgage
Don't leave your family with mortgage debt. An individual term life policy covers the mortgage amount at lower rates than bank mortgage insurance, and the payout goes directly to your beneficiary—not the lender.
Protect Your Family
Replace lost income so your spouse and children can stay in their home, afford everyday living expenses, and attend university or college without financial strain.
Other Reasons for Life Insurance
Cover business debts and buy-sell agreements, equalize estate inheritances between children, create a charitable legacy, or cover capital gains taxes on family cottages and assets.
Permanent vs. Term Insurance
Term Life Insurance
Affordable protection for a defined period (typically 10, 20, 25, or 30 years). Ideal for young families, mortgage coverage, and income replacement during peak earning years.
- Lowest initial cost per dollar of coverage
- Level premiums guaranteed for the term
- Convertible to permanent without medical exam
Permanent & Whole Life
Lifelong coverage that never expires as long as premiums are paid. Builds guaranteed cash value and pays an estate benefit whenever death occurs.
- Lifelong guaranteed payout
- Cash value accumulation options
- Ideal for final expenses and estate tax transfer
Funeral Home, Cemetery & Estate Costs
The average funeral in Canada costs between $8,000 and $15,000, with cemetery and administrative costs easily pushing total final expenses over $20,000.
Funeral Home Expenses
Professional services, preparation, viewing, cremation or casket, memorial chapel service, and transport.
Cemetery Costs
Cemetery plot or columbarium niche, opening and closing grave fees, headstone or marker, and perpetual care fees.
Legal, Tax & Other Costs
Probate fees, executor expenses, accounting and legal advice, final personal income taxes, and outstanding credit.
Not sure where to start?
A Zoobla advisor can compare options across 30+ carriers and find the coverage that fits your life and budget.