Home > Evaluation/Test Peace is a state of mind! Take the quick test below to see how prepared you are for your funeral. How prepared are you? You are researching federal benefits available upon death; what is the most important thing to know about the Canada Pension Plan (CPP) Death Benefit? The Canada Pension Plan (CPP) Death Benefit amount is dependent on how much and for how long the deceased contributed to CPP. The Canada Pension Plan (CPP) Death Benefit is available to all Canadians upon death and is paid toward funeral expenses. The Canada Pension Plan (CPP) Death Benefit is a one-time, lump-sum taxable benefit to the estate of the deceased person provided the deceased contributed to CPP. The Canada Pension Plan (CPP) Death Benefit currently pays a maximum of $2,500. Not everyone receives the maximum amount, nor does everyone qualify. You’re prearranging your funeral expenses; what is most important to know about prearranged funeral expenses? An insurance policy though a banks or an insurance company can be used in place of a prearranged funeral plan and will accomplish the same thing. Typically funeral costs double approximately every 8 years; a prearranged funeral plan avoids inflation. It is a wise choice to prearrange now. For your protection, the prearranged funds are deposited and securely held in your name. By funding your prearrangement now, you lock today’s cost. The only way to secure and lock today’s current funeral cost is by funding it with a prearranged funeral plan; paid in full or on monthly installments. You want to ensure that your end of life plan includes protection from burdens and costly expenses; what approach is the most effective way to accomplish this? Ensure you that your plan includes documented instructions for your executor. Ensure that a life insurance policy is in place to cover expenses. Ensure that your plan includes a prearranged funeral plan, living will, as well as documented instructions for your executor. Ensure that you have a current living will document; have all required instructions documented for your survivors and beneficiaries. Ensure that your plan includes the necessary documents, plans, and details that will protect your survivors from all potential burdens and unnecessary expenses. You were told that funding your prearrangement plan is a wise choice; what important facts do you need to know before prearranging? A prearrangement plan is vitally important to have. To ensure your satisfaction; prearrangement planning is often completed in stages. Under the Alberta Funeral Services Act, funeral homes entering into prepaid funeral contracts must hold a provincial license to conduct prepaid transactions. Under the Alberta Funeral Service Act, funeral homes that provide prepaid plans must deposit the monies under the purchaser's Social Insurance Number. For your protection prepaid monies are deposited into a secure account in the purchasers name. The monies remain in the purchasers name. You are aware that planning for the future is vitally important; when is it the most sensible time to have your end of life plan in place? Start your planning early in life; as time progresses changes and updates can always be made. There is no magic age when people should consider having an end of life plan in place. You might say it’s the wisest and ageless choice that anyone could ever make; the benefits are endless. The Internet is an increasingly easy way to get started without limiting the timeframe. Seek a planning process for your current circumstances. Find out if your family would know what to do if you died. If they don’t, it’s a wise choice to establish an end of life plan. You want to protect your heirs and beneficiaries’ from frustration and unnecessary financial loss; Do you: Start simple and purchase a do-it-yourself planning kit. Complete the sections that apply to your current situation in life. Organize everything that your heirs and beneficiaries will need in the event of your death. File the information and tell them where it’s located. Talk with your heirs and beneficiaries either individually or as a group. By doing so you are able to clarify your intention to have a plan in place. Seek the assistance and guidance from a funeral home that specializes in complete end of life planning to ensure that all aspects have been addressed. You die away from home; now what? ou have coverage from a local funeral home specializing in repatriation management service. Your protection is unlimited - worldwide coverage. Your local bank offers a travel protection plan that includes: medical, trip cancellation, trip interruption, loss of luggage and death repatriation. Your employment benefit plan includes coverage to ensure that your body is safely returned home. Additional coverage was added to your life insurance policy for complete repatriation expenses. Your life insurance agent would be notified.
