{"id":31402,"date":"2025-10-20T13:30:53","date_gmt":"2025-10-20T17:30:53","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=31402"},"modified":"2026-02-03T15:36:01","modified_gmt":"2026-02-03T20:36:01","slug":"funeral-insurance-vs-life-insurance","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/funeral-insurance-vs-life-insurance","title":{"rendered":"Funeral Insurance vs Life Insurance: Which One Do You Need?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Funeral Insurance vs Life Insurance: Which One Do You Need?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2025-10-20T13:30:53-04:00\">October 20, 2025<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">12 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128\" alt=\"Sandy Yong\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Sandy Yong<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"An older man looking off into the distance as he considers his options for Life Insurance.\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp 1074w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp?resize=768,512 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp?resize=1024,683 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Funeral-vs-Life-Insurance.webp?resize=412,275 412w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Funeral Insurance vs Life Insurance: Which One Do You Need? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/funeral-insurance-vs-life-insurance\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/funeral-insurance-vs-life-insurance\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Types of life insurance<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-types-of-life-insurance\">Types of life insurance<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Planning for the future means recognizing that one day your loved ones will be responsible for taking care of your end-of-life arrangements. The average cost of a funeral in Canada is now between $5,000 &#8211; $10,000 or more. With funeral costs rising and the emotional stress that comes with losing a loved one, it\u2019s important to ensure that your family isn\u2019t left coping with the extra financial burden.<\/p>\n\n\n\n<p>As you explore your options to prepare yourself financially, funeral insurance and life insurance are solid choices, but which one should you choose? Here, we\u2019ll help explain how each of these products works, the similarities and differences between the two, and the considerations to help you decide which one best suit your needs, so that it will help you in your financial planning journey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaways\"><a><\/a>Key takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Funeral insurance is a life insurance policy that helps cover the cost of end-of-life expenses, such as funeral, burial, or cremation costs. While life insurance provides broader financial protection to loved ones, helping cover debts, medical bills, and the costs of raising a family.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Funeral insurance offers limited coverage, with lower flexibility, but easier eligibility requirements. Life insurance provides wider coverage and higher flexibility but usually requires a medical exam.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your age, health, budget, and financial goals are factors to consider when selecting a suitable insurance policy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-31402-7fbd2240\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Guaranteed acceptance life insurance\" class=\"rbc-link-format\">Guaranteed acceptance life insurance<\/a> is an alternative solution to ensure that your loved ones have the means to pay for end-of-life expenses.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-funeral-insurance\"><a><\/a>What is funeral insurance?<\/h2>\n\n\n\n<p>Funeral insurance is a permanent life insurance policy that covers the cost of end-of-life expenses. It also goes by other names, including final expense insurance, burial insurance, or end-of-life insurance.<\/p>\n\n\n\n<p>The modest coverage (which generally ranges from $5,000 up to $25,000) provides your beneficiaries with a one-time lump sum payment after your death. To be eligible for the payout, you\u2019ll need to pay fixed monthly premiums. These tax-free funds are then given out after you pass away.<\/p>\n\n\n\n<p>When it comes to the <a href=\"https:\/\/www.thestar.com\/business\/the-cost-of-dying-in-canada-is-skyrocketing-why-funeral-providers-say-ottawa-needs-to\/article_f1ce28b8-eaba-11ee-84c9-370c6f545e04.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-31402-3ae07810\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"cost of a funeral in Canada\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">cost of a funeral in Canada<\/a>, cremation cost anywhere from $2,000 to $5,000, while burial costs can range from $5,000 to $10,000 or more in Canada. <sup>&nbsp;<\/sup>Funeral insurance helps cover the cost of burial or cremation, casket, embalming, funeral or memorial service, funeral director fees, headstones and urns, transportation, flowers, obituary notices, and legal fees. A funeral insurance policy helps your loved ones alleviate the burden of paying for these costs out-of-pocket. &nbsp;<\/p>\n\n\n\n<p>There\u2019s often no medical exam required with funeral insurance, regardless of your age and health. Additionally, you\u2019ll typically receive lifelong coverage, as long as you keep paying your premiums on time. It\u2019s important to note that many policies have a two-year waiting period after issuing the policy (unless it\u2019s an accidental death). If a death occurs during the first two years, then the premiums are returned to you instead of you receiving a full payout.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-should-choose-funeral-insurance\"><a><\/a>Who should choose funeral insurance?<\/h3>\n\n\n\n<p>Funeral insurance isn\u2019t suitable for everyone. However, it may be a beneficial solution depending on your circumstances:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Older adults who don\u2019t have traditional life insurance coverage:<\/strong> Funeral insurance for seniors may be helpful if they cannot qualify for affordable life insurance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Individuals who have poor health or medical conditions<\/strong>: Funeral insurance has little or no medical underwriting, making it an ideal option for those looking for a more straightforward approval process.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>People who don\u2019t have significant savings or investments<\/strong>: Not everyone has additional savings or investments that could be put towards the cost of funeral expenses. Funeral insurance ensures that the payout is reserved to cover the cost of end-of-life expenses, so loved ones don\u2019t have to pay.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Those who want to designate funds for funeral costs: <\/strong>Even if you have life insurance, you may be concerned that other financial needs will take priority, and the funds won\u2019t be there to pay. Funeral insurance gives you coverage for end-of-life expenses. <\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-life-insurance\"><a><\/a>Understanding life insurance<\/h2>\n\n\n\n<p>When you obtain life insurance, you form an agreement with the insurer. In exchange for paying regular premiums into a policy, when you pass away, the insurance provider pays a lump sum to your beneficiaries. Life insurance is a popular choice because it provides financial protection for your loved ones.<\/p>\n\n\n\n<p>Life insurance encompasses a variety of unique benefits. In particular, it includes larger coverage amounts compared to funeral insurance (ranging from $25,000 to $25 million), which may help to cover an extensive range of expenses such as funeral costs, paying of a mortgage, loans, income replacement, or medical bills.<\/p>\n\n\n\n<p>Another key feature is that depending on the type of life insurance you choose, you can use it as an investing tool to grow your wealth and pass on a legacy. There\u2019s also flexibility in that you may use it to borrow money, acting as a loan against your policy. <a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-life-insurance\">Types of life insurance<\/h2>\n\n\n\n<p>Life insurance is an umbrella term for various types of coverage. Here\u2019s an overview of what the three main types are and how they work:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-term-life-insurance\">Term life insurance<\/h3>\n\n\n\n<p>Term life insurance<strong> <\/strong>provides coverage for a specific period, typically between 10 and 40 years. <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/discover-share\/life-insurance\/what-is-term-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-31402-acb95884\" data-dig-label=\"Term insurance\" data-dig-action=\"link click\" data-dig-category=\"LP-LifeInsurance\" class=\"rbc-link-format\">Term insurance<\/a> offers lower premiums, making it a more affordable option. Term insurance could be a cost-efficient solution for young families who want to have a financial safety net. It\u2019s important to note that since the policy has an expiry date, if you outlive your policy, you and your loved ones aren\u2019t eligible for a payout.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-whole-life-insurance\">Whole life insurance<\/h3>\n\n\n\n<p>Whole life insurance is a form of permanent life insurance that provides lifetime coverage, a death benefit, and builds cash value. By paying fixed premiums, you also receive dividends from your investments and get to benefit from the long-term tax-deferred growth. If you ever need to withdraw or borrow against the cash value, you have the flexibility to do so.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-universal-life-insurance\">Universal life insurance<\/h3>\n\n\n\n<p>Universal life insurance is another type of permanent life insurance that offers flexible premiums that you can adjust, as well as lifelong coverage. This product combines life insurance coverage and tax-sheltered investments. Plus, you decide how to invest your money by selecting from a range of funds. There\u2019s flexibility in accessing the funds, which may help to pay for medical costs or supplement your retirement income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-should-choose-life-insurance\"><a><\/a>Who should choose life insurance?<\/h2>\n\n\n\n<p>Choosing a life insurance policy that aligns with your end-of-life wishes will play an important role in your financial plan. When it comes to life insurance, it\u2019s ideal for <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/why-parents-need-to-buy-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-31402-6780bb8c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"parents or individuals with dependents\" class=\"rbc-link-format\">parents or individuals with dependents<\/a>, because it can provide them with financial security.<\/p>\n\n\n\n<p>Those who carry significant financial obligations, such as a mortgage, credit card bills, or student loan debt, should also consider life insurance, since the payout can help to cover these significant costs and reduce the financial burden on your loved ones.<\/p>\n\n\n\n<p>Individuals seeking comprehensive financial protection for their family may also find solace in having life insurance. For example, you may wish to protect your spouse, especially if they rely on you for income. Or if you have aging parents, siblings, or grandchildren you wish to leave an inheritance to, then life insurance might be a better option compared to funeral insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-differences-between-funeral-insurance-and-life-insurance\"><a><\/a>Key differences between funeral insurance and life insurance<\/h2>\n\n\n\n<p>Because both funeral insurance and life insurance provide a payout to the beneficiaries when the policyholder passes away, it can feel overwhelming trying to understand which type of coverage you should get.<\/p>\n\n\n\n<p>Here are the key differences between funeral insurance and life insurance:<\/p>\n\n\n\n<div class=\"wp-block-rbc-basic-tables basicTables\">\n<div class=\"wp-block-rbc-basic-table basicTable\"><div class=\"basicTable__sliderNav\" role=\"navigation\" aria-label=\"Table navigation\"><div class=\"basicTable__navArrow basicTable__prevArrow\" aria-label=\"Previous\"><\/div><div class=\"basicTable__sliderDots\" role=\"tablist\" aria-label=\"Table pagination\"><\/div><div class=\"basicTable__navArrow basicTable__nextArrow\" aria-label=\"Next\"><\/div><\/div><table class=\"basicTable__table\" role=\"table\" aria-label=\"Comparison table\">\n<thead class=\"wp-block-rbc-basic-table-head basicTableHead\" role=\"rowgroup\" aria-label=\"Table head\">\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\"><\/th>\n\n\n\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\">\n<h4 class=\"wp-block-heading\" id=\"h-funeral-insurance\">Funeral insurance<\/h4>\n<\/th>\n\n\n\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\">\n<h4 class=\"wp-block-heading\" id=\"h-life-insurance\">Life Insurance<\/h4>\n<\/th>\n<\/tr>\n<\/thead>\n\n\n\n<tbody class=\"wp-block-rbc-basic-table-body basicTableBody\" role=\"rowgroup\" aria-label=\"Table body\">\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Purpose<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Help pay for end-of-life expenses<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Provide financial security for range of expenses, including funeral<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Coverage amount<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Limited to small amounts (e.g. $5,000 to $50,000)<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Offers broader coverage (e.g. $25,000 to $25 million)<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Length of coverage<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Permanent (lifetime protection)<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Either permanent (lifetime protection) or term (ends after a specific period)<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Premiums<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Typically higher than traditional life insurance<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Cost depends on age and health when applying<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Eligibility<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Typically has fewer restrictions<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>May involve medical underwriting<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Flexibility<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Limited, as meant to be used to pay end-of-life expenses<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>More flexibility, as beneficiaries can choose to pay end-of-life expenses, debt, or cover other financial needs<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Cash value<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Not included<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Included, depending on type of life insurance you purchase<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Medical questionnaire<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>No<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Yes<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong>Best suited for<\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Those who can\u2019t secure life insurance coverage, are in poor health, or elderly<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Families with dependents, estate planning, or individuals with large debt (e.g. mortgage)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-consider-when-choosing-funeral-insurance-or-life-insurance\"><a><\/a>What to consider when choosing funeral insurance or life insurance<\/h2>\n\n\n\n<p>Deciding between funeral insurance and life insurance is a personal choice. These are the factors to consider when selecting the correct type of insurance for your unique situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-age\">Age<\/h3>\n\n\n\n<p>This can impact your eligibility and premiums for both options. Typically, the younger you are (age 50 or under), the more life insurance makes sense because of the lower premiums. If you\u2019re older, you may lean towards burial insurance for seniors because it has fixed premiums. Plus, it\u2019s easier to qualify because it doesn\u2019t require medical exams.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-health\">Health<\/h3>\n\n\n\n<p>If you\u2019re healthy with no medical issues, you could opt for life insurance to get better value. On the other hand, if you have health issues, then going with funeral insurance may be a wiser choice as typically there\u2019s no medical exam required, and the cost of premiums should be lower than life insurance. Be aware that if you\u2019re a smoker, you&#8217;ll pay higher premiums compared to non-smokers due to the increased health risk for both term life and funeral\/guaranteed acceptance insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-goals\">Financial goals<\/h3>\n\n\n\n<p>Assess whether you need coverage for funeral expenses or broader financial protection. If you only want to cover end-of-life expenses, then funeral insurance could be ample. If you\u2019re looking to go beyond this to take care of your family\u2019s finances or pay off debt, then life insurance would be a better fit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-existing-coverage\">Existing coverage<\/h3>\n\n\n\n<p>Check if you already have life insurance or other savings to cover funeral costs. If you do, then determine if there\u2019s sufficient coverage or a gap.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-loved-ones\">Loved ones<\/h3>\n\n\n\n<p>Consider the financial needs of your dependents or loved ones if you were to die. Will they be self-sufficient, or do they rely on you for financial support? If they need just the basic funeral costs to be covered, then funeral insurance might be adequate. However, if you have a mortgage, kids to raise, or educational fees, then consider life insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-insurance-policy-is-right-for-me\"><a><\/a>Which insurance policy is right for me?<\/h2>\n\n\n\n<p>Selecting an insurance policy that matches your needs will provide you peace of mind in knowing that your loved ones don\u2019t have to take on the financial burden when you\u2019re no longer here. Funeral insurance offers modest coverage, typically up to $25,000 with limited flexibility, but it has easier eligibility requirements and affordable premiums.<\/p>\n\n\n\n<p>Alternatively, life insurance provides broader coverage and higher flexibility, but it typically requires a medical exam and has higher premiums compared to funeral insurance.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Ultimately, by understanding the differences between the two types of insurance, you can better assess which one will fit your personal needs, financial goals, and your family\u2019s circumstances.<\/p>\n\n\n\n<p>Looking to cover your funeral and burial costs? Find out how <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-31402-2594fda4\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC guaranteed acceptance life insurance\" class=\"rbc-link-format\">RBC guaranteed acceptance life insurance<\/a> can assist your loved ones with end-of-life expenses.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-about-funeral-insurance-vs-life-insurance\"><a><\/a>FAQs about funeral insurance vs life insurance<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-the-disadvantages-of-funeral-insurance\">What are the disadvantages of funeral insurance?<\/h3>\n\n\n\n<p>Funeral insurance may appeal to you, but there are several drawbacks to consider. First, it has a limited coverage amount, ranging from $5,000 to $25,000. It could help to pay for funeral expenses, but it won\u2019t be able to assist with other taxes, debts, or help dependents.<\/p>\n\n\n\n<p>If you live a long life, there\u2019s a risk of overpaying, as you could pay a higher amount than the actual payout. Unlike some types of life insurance, with funeral insurance there\u2019s no investment component, meaning that it can\u2019t help grow your wealth or pass on an inheritance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-you-have-both-life-insurance-and-funeral-insurance\">Can you have both life insurance and funeral insurance?<\/h3>\n\n\n\n<p>Yes, you can have both life insurance and funeral insurance. While they serve different purposes, there may be some similarities. Life insurance grants your beneficiaries a tax-free lump sum payment to cover a variety of costs, such as your covering funeral expenses, outstanding debts, or living expenses. Funeral insurance offers a smaller amount immediately after the death, and the proceeds can only be used for end-of-life expenses and funeral costs.<\/p>\n\n\n\n<p>Some people have both policies to quickly cover funeral costs, while life insurance, such as term life, can help meet other financial needs. Others may opt only to have life insurance, as it provides sufficient coverage for funeral expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-is-a-funeral-insurance-payout-tax-free\">Is a funeral insurance payout tax-free?<\/h3>\n\n\n\n<p>Yes, the beneficiary who receives the funeral insurance <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/will-my-loved-ones-pay-tax-on-life-insurance-proceeds\/\" data-dig-id=\"LP-LifeInsurance-31402-3baf326f\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"payout\" class=\"rbc-link-format\">payout<\/a> doesn\u2019t have to pay tax on it. However, the payout is taxable when there\u2019s no named beneficiary and the payout will go to the estate. So, in this case, estate settlement and probate fees may apply.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-does-rbc-offer-funeral-insurance\">Does RBC offer funeral insurance?<\/h3>\n\n\n\n<p>RBC does not offer funeral insurance. However, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-31402-ea3ff282\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC guaranteed acceptance life insurance\" class=\"rbc-link-format\">RBC guaranteed acceptance life insurance<\/a> may be a suitable alternative as there\u2019s no medical exam or questionnaire required, and it could be used to cover funeral costs. It\u2019s a suitable option for Canadian residents and citizens between the ages of 40 and 75, seeking $5,000 to $40,000 in lifetime coverage. RBC guaranteed acceptance life insurance means that your loved ones have the means to pay for your final expenses.<\/p>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-7dda42c1-8cf3-47ad-a861-3097d1c8c89f {\n\t\theight: 100px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-7dda42c1-8cf3-47ad-a861-3097d1c8c89f {\n\t\t\theight: 100px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-7dda42c1-8cf3-47ad-a861-3097d1c8c89f\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-680d8c04-ff0b-436b-9dea-10d0863756ec {\n\t\theight: 100px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-680d8c04-ff0b-436b-9dea-10d0863756ec {\n\t\t\theight: 100px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-680d8c04-ff0b-436b-9dea-10d0863756ec\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Funeral insurance and life insurance offer different benefits for Canadians. Learn how each insurance product works, and which one you need.<\/p>\n","protected":false},"author":208,"featured_media":31420,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[4],"article-type":[80],"ppma_author":[169],"class_list":["post-31402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-life-insurance","article-type-advice-learning"],"pp_force_visibility":null,"pp_subpost_visibility":null,"pp_inherited_force_visibility":null,"pp_inherited_subpost_visibility":null,"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Funeral Insurance vs Life Insurance: Which One Do You Need? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Funeral insurance and life insurance offer different benefits for Canadians. 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