More Canadians are selecting cremation nowadays thanks to the economics of it.

Although a cremation costs seriously less than a burial in Canada, the price of cremation can still vary significantly dependent on the complicatedness of the cremation ceremony you decide on , the province you live in, and the funeral home you select. According to an article on canadianfunerals.com, a direct cremation has an average price of $700, but with an obit, service, viewing, and flowers, the average cost can jump to $2,500.

According to the Cremation Association of NorthAmerica, cremation rates continue to rise gradually in Canada, from 5.89% in 1970 to 68.4% in 2009. An article from Sun Media asserts that half of those buried in 2010 chose cremation. The increase in the popularity of cremation over the years can be ascribed to one thing “cost.

At LSM Insurance, we know that many Canadians are looking at choices to the conventional funeral as a method of reducing their final expenses. We also know that life assurance can be a very effective strategy for covering the good variety of costs associated with cremation across the nation.

Life assurance benefits are paid out tax-free and, in most examples, the coverage can be obtained for a really cost-effective monthly payment. Life insurance plans are sometimes broken down into the following 3 categories:

1. Traditional Life Insurance, where the insured has to complete a medical examination and answer a listing of health questions.

2. Simplified Issue Life Insurance , where there are no health tests and the insured has to finish anywhere from 3 to 12 health questions.

3. Warranted Issue Life Insurance, where there are no medical tests in the slightest and the insured hasn't got to complete any medical questions either.

One caveat with warranted issue coverage and some simplified issue policies is that the death benefit can be limited in the 1st two years”except if death is accidental”to a return-of-premium plus interest.

Lorne Marr is Canadian life insurance and no medical life assurance consultant.