Final Expense Plan

Final Expense Plan is a life insurance plan. In case of death a tax-free benefit is paid out to your beneficiaries.

This plan has 3 simple eligibility criteria:

• Be between the ages of 18 to 80
• Be a Canadian Citizen
• Not have a terminal illness with 24 months or less to live as diagnosed by a licensed physician

From $5,000 to $50,000 for ages 18 to 70
From $5,000 to $25,000 for ages 71 to 80

In case of accidental death the benefit amount is tripled. For example if your coverage is $25,000; in case of accidental death, the benefit is $75,000.

Rates are fixed and are guaranteed to never increase.

Your rate will depend on amount of coverage, your age, gender and smoking status. Your health or medical history will have no impact on the cost.

The death benefit will not be paid under the following circumstances:

• Death, that is not accidental, within 2 years from the policy’s start date or latest reinstatement. A full refund of premiums will be made.
• Suicide, while sane or insane, within two years from the policy’s start date or latest reinstatement.

If there is a material omission, misrepresentation or in the event of fraud.

The Final Expense Plan is a life insurance policy that provides coverage for Canadian residents between the ages of 18 -74. This plan pays your beneficiary a set benefit amount should you die for any reason. There is no medical exam or health questions required to qualify and the policy is in force until the age of 100. Under this plan: your acceptance is guaranteed.

The Final Expense plan includes both a Basic Life Benefit and a complementary Accidental Death Benefit, which is equal to 4 times the face amount of the Basic Benefit.

How are Premiums Calculated?
Coverage options and premiums are dependent only on age, gender, and smoking status. Individuals with health issues will not see their premiums increased on the basis of any present or past conditions.

New applicants are rated in 5-year bands beginning at age 30. At the end of every 5-year band, premiums for the insured are reviewable and may increase. We guarantee, however, that any adjusted premiums will be less than a new applicant would pay at the same age.

There are only two requirements in order to qualify for protection under Specialty Life’s Final Expense Insurance plan:

• You are between the ages of 18 and 74;
• You have a home address within Canada.

Under this plan, there are no medical requirements​ to get coverage, and you cannot be denied for coverage due to health issues if you meet the above criteria.

That means you can receive full coverage even if:

• You have a serious health issue that other insurers would deem “uninsurable”;
• You have been denied for life insurance for any reason, health or otherwise;
• You’re a smoker, you’re overweight or have other “risk” factors that insurers rate you for;
• You are not a Canadian citizen. As no SIN is required, this plan is perfect for newly-landed residents.

Acceptance is guaranteed:
As long as you’re between 18 and 74 and have a Canadian residence – your application cannot be denied for any reason.

Coverage to Age 100:
No premature cancellations that leave you high and dry without essential coverage.

Instant Issue​:
No appointments are required to apply for this insurance. From searching for quotes to receiving your policy, the entire application can be completed at your convenience, from the comfort of your own home.

Additional Protection:
Benefit from Accidental Death coverage, providing up to four times benefits for your family at no additional cost.

30 Day Review Period:
Take 30 days to review your policy and if you are not completely satisfied you can cancel and receive a full refund of premiums.

No Citizenship Required:
New to Canada? This plan offers protection where other insurers would require that you wait several years before you can apply.

Tax-Free Benefits:
Your insurance goes the extra mile in securing your final affairs as benefits are paid tax-free, directly to who you trust most.

The basic death benefit will not be paid under the following circumstances:

• Death, that is not accidental, within 2 years from the policy’s start date or latest reinstatement. A full refund of premiums will be made.
• Suicide, while sane or insane, within two years from the policy’s start date or latest reinstatement.If there is a material omission, misrepresentation or in the event of fraud.

This policy also includes an accidental death benefit at no additional cost. For Accidental Death Benefit exclusions please find more information here.