Assurant Preneed Services in Canada Explained

Assurant preneed services in Canada are designed to help families plan and prepare for funeral expenses.

Assurant offers a range of preneed services, including funeral insurance and preplanning options, to help families manage funeral costs.

In Canada, preneed services are regulated by the province, with varying requirements for funeral homes and insurance providers.

Assurant's preneed services can be customized to meet individual needs and budget, allowing families to make informed decisions about funeral arrangements.

For more insights, see: Preneed Sales Agent

CUNA Mutual Group has entered into a definitive agreement to acquire Assurant's prearranged funeral insurance and final expense business.

This acquisition will expand CUNA Mutual Group's middle market consumer reach, serving more than 2 million consumers in the U.S. and Canada.

The investment is approximately $1.3 billion, and it will enhance CUNA Mutual Group's ability to help ensure middle market consumers have access to solutions that help build financial stability.

Prearranged funeral insurance and senior lifestyle protection solutions are designed to ease the emotional and financial burdens of consumers and their families related to planning for the later chapters of life.

For another approach, see: Financial Security Assurance

The acquisition enables CUNA Mutual Group to further serve the growing middle market, where consumers are seeking solutions to manage the challenges of aging.

CUNA Mutual Group's president and CEO, Robert N. Trunzo, stated that the acquisition allows the company to expand its reach to middle-market consumers and help them make financial decisions that work for them and their situation.

Assurant Life of Canada is the single largest provider of preneed life insurance plans in Canada that fund final expenses or funeral costs. They began as the Pierce Brothers Family Mortuaries in 1902 and pioneered funeral pre-planning in Canada.

Their innovative approach involved purchasing a life insurance company and offering consumers portable funeral insurance policies that pay tax-free benefits in cash. This approach has been a game-changer for Canadians.

Assurant Life of Canada has almost $2 billion in assets and operates through three brand names in Canada: Canada Purple Shield, Assurant Preneed, and TruStage Life of Canada. Purple Shield is associated with Assurant’s final expense business, primarily in Atlantic Canada and Western Canada.

Assurant's parent company, Assurant Inc., offers similar pre-need services in the US through American Memorial Life Insurance. They also have substantial international holdings in other risk management market sectors.

Assurant distributes its final expense plans through 3,000 funeral homes in Canada and the U.S. This widespread distribution network makes it easy for Canadians to access their services.

Assurant Life of Canada has excellent financials, with assets approaching $2 billion and $1.9 million in final expense plans sold. They have a financial strength rating of A- (Excellent) from AM Best.

Their parent company, Assurant Inc., is rated 'A' and has assets over $30 billion. This strong financial backing gives Canadians peace of mind when purchasing a funeral insurance plan from Assurant.

Assurant's US burial insurance marketer, American Memorial Life, also received a financial strength rating (FSR) of “A” from AM Best. This further reinforces Assurant's reputation as a reliable provider of funeral insurance services.

On a similar theme: Assurant Inc Headquarters

Assurant Life of Canada has an impressive financial standing, with assets approaching $2 billion and $1.9 million in final expense plans sold. This strong financial foundation is a testament to their long-standing reputation and commitment to providing reliable services.

Their parent company, Assurant Inc., has assets over $30 billion, giving them a significant presence in the market. This scale of operation is a key factor in their ability to offer comprehensive preneed services.

Assurant Life of Canada has received excellent financial ratings from AM Best, with an A—(Excellent) rating. This rating indicates a strong ability to meet their financial obligations, giving customers peace of mind when purchasing funeral insurance plans.

Assurant Life of Canada has excellent financials, with assets approaching $2 billion and $1.9 million in final expense plans sold.

Their financial strength is backed by AM Best, which rates them A—(Excellent). This is a testament to their stability and ability to pay out claims.

Assurant's parent company, Assurant Inc., has assets over $30 billion. This level of financial security is a major advantage for consumers.

Their US burial insurance marketer, American Memorial Life, also received a financial strength rating (FSR) of “A” from AM Best. This demonstrates their commitment to providing reliable insurance products.

Assurant Life of Canada's product range is focused solely on funeral pre-planning solutions, offering a variety of options to suit different needs.

Their product range includes funeral insurance, burial insurance, cremation insurance, final expense insurance, and end-of-life insurance. This can be a bit confusing, but let's break it down.

According to the article, Assurant Life of Canada's entire product range is focused solely on funeral pre-planning solutions, making it easier to understand what they offer.

Here's a list of their products to give you a better idea:

It's worth noting that these terms can be used interchangeably, and Assurant Life of Canada's products cater to different aspects of funeral pre-planning.

Assurant preneed funeral insurance plans offer flexible payment options to help you cover funeral costs. You can pay the entire amount upfront for 3, 5, 10, or 20 years.

With a payment plan, you'll sign a funeral goods and services contract, which designates the funeral home providing the services and the policy owner. This contract is funded by the Assurant Life of Canada policy.

Here are the payment plan options available:

The policy pays out the full death benefit, even if you pass away after making only a few payments. For example, if you pay for an $8,000 burial plan over 15 years, and pass away after three years, Assurant pays out the full $8,000 death benefit.

Final Expense Cremation Insurance is a type of life insurance that covers funeral costs, and it's often referred to as cremation insurance. These plans are permanent life insurance policies that pay out a tax-free death benefit to your loved ones.

The death benefit is used to pay the cremation provider, and any remaining money stays with them. Most final expense plans have a death benefit ranging from $5,000 to $25,000.

Ideally, all final expense plans should have certain guarantees, including a monthly cost or premium that never increases over the life of the policy. This means your loved ones won't have to worry about higher premiums eating into the death benefit.

A guaranteed death benefit is also essential, meaning it never decreases over time. This ensures your loved ones receive the full amount they're entitled to. No physical or medical exams are required as part of the application process, making it more accessible to those who may have health concerns.

These plans typically cannot be canceled due to age or health changes, as long as you continue to pay your premiums. Some carriers, like Specialty Life, sell final expense insurance with graded premiums, which means the monthly cost or premium increases over the policy's life.

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With an Assurant pre-need funeral insurance plan, you can pay the entire amount upfront for 3, 5, 10, or 20 years.

You'll need to sign a funeral goods and services contract, which designates the home providing the services and the policy owner.

This is called Fixed Premium Insurance Accumulation (FPIA), and it's a common practice for seniors who choose a payment plan.

For example, a 70-year-old paying for an $8,000 burial plan over 15 years pays approximately $96 monthly.

If you pass away after making payments for only three years, Assurant pays out the full $8,000 death benefit.

That's a significant benefit, and it's essential to understand the costs involved, such as paying $17,280 over 15 years for $8,000 funeral services.

Applying for Assurant preneed life insurance is a relatively straightforward process. You can start by visiting their website at assurantlife.ca and filling out an online form to contact a representative in your area.

To apply, you'll need to answer basic health questions. Fortunately, you won't have to undergo a medical exam. This makes it easier to get the process started.

The application process also involves working with a licensed funeral pre-planner or funeral director, who will guide you through the process. This ensures you're getting the right coverage for your needs.

You can pay for your Assurant preneed life insurance over a period of time that works for you, depending on your age at the time of issue. The options are:

Regardless of how many payments you've made, your full benefit will be paid out when you pass away. There's no need to worry about blood tests or complicated paperwork.

In Canada, funeral providers often require a Funeral Goods & Services contract to be signed as part of the burial insurance plan.

This contract outlines the services and goods to be provided at the time of death, and the Assurant preneed life insurance policy funds it, locking in the cost to protect against inflation.

If you prearrange funeral services at a specific funeral home, the contract will detail the agreed-upon amount, such as $8,467.99, which will be the amount of the burial policy.

Potential riders, like Executor Protection and Final Document Service, can be added over and above the original policy, but the core policy matches the Funeral Goods & Services contract you signed.

Consider reading: Assurant Cancel Policy

The application process for Assurant preneed life insurance is relatively straightforward. You can start by visiting their website, assurantlife.ca, and filling out the online form to contact a representative in your area.

Most agents who sell these plans are exclusive brokers, meaning they only sell Assurant products, which can make comparison shopping a bit tricky. However, this also means you can trust that they're knowledgeable about the program.

You don't need to undergo a medical exam to apply, but you will need to answer some basic health questions as part of the process.

There are several payment options available, depending on your age at the time of issue. You can choose to pay over a 3, 5, 10, 15, or 20-year period, or pay the total amount upfront if that works for you.

Here are the specific payment options:

Regardless of how many payments you've made, the full benefit will be paid out upon your death. This is a great benefit, especially if you're planning ahead for funeral expenses.

Depending on your health, the policy may be issued as preferred or guaranteed (with a 2-year waiting period).

Assurant Life of Canada pays out your family's funeral insurance claim within 24 hours, which is a huge advantage.

This fast payout process means the funeral home gets paid on the same day, bringing enormous peace of mind to your loved ones.

Your beneficiary won't have to wait by the mailbox for weeks for a cheque, and the funeral home won't have to cover any costs immediately following your death.

Other life insurance burial policies often take several weeks to pay out, making Assurant's quick payment process a big reason consumers choose them.

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Many funeral companies and providers offer preneed funeral services, allowing you to plan and pay for funeral expenses in advance.

These companies often partner with Assurant to provide preneed funeral insurance, which can help cover funeral costs.

Some funeral homes may also offer their own preneed funeral services, which can include planning and coordinating the funeral details.

Assurant has partnered with many funeral homes to offer preneed funeral insurance, making it easier for consumers to plan ahead.

Assurant Life of Canada, also known as Trustage Life of Canada, is the country's largest funeral insurance provider.

They have a long history of providing Canadians with preneed funeral planning solutions.

Rest assured, if you have a funeral insurance plan or final expense policy with Assurant, it will pay out to your funeral home or family, which is guaranteed.

Assurant is a great option for those who don't qualify for an affordable plan with traditional life insurance companies.

They're ideal for seniors in their late 70s with serious health issues who can't qualify for an affordable plan elsewhere.

This is because they're already in the higher-risk pool, and it's often better for them to go directly to a funeral provider and start a Purple Shield plan underwritten by Assurant.

If money is no issue, Assurant is a great "set it and forget it" funeral solution.

Assurant Life of Canada is a niche provider that specializes in preneed funeral insurance. They have a deep understanding of the industry and offer a unique product that meets the needs of consumers.

They are connected to hundreds of funeral homes across Canada, allowing them to provide a wide range of options for policyholders. This connection also means that policyholders can be confident that their loved ones will receive a smooth and hassle-free experience when dealing with funeral arrangements.

Assurant Life of Canada's focus on preneed funeral insurance is a key factor in their success. By concentrating on this specific area, they are able to provide expert advice and guidance to consumers. This level of expertise is not always found with larger, more general insurance providers.

Assurant's preneed funeral insurance planning is expensive compared to traditional life insurance companies.

If money is no issue and you want the certainty and peace of mind of a one-stop solution, Assurant's preneed funeral insurance planning is the way to go.

Assurant's funeral insurance is not the most cost-effective option, but it's an excellent carrier providing top-notch service.

You may be able to leave your loved ones up to 40% more money by going with a traditional life insurance company like Assumption Life for the same cost as an Assurant plan.

As a woman, you can expect to pay 30% less for your life insurance due to statistically lower mortality rates.

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