The Canadian Contradiction: New research shows most Canadians fear
burdening loved ones with funeral needs, yet aren't making arrangements
TORONTO, Aug. 28, 2012 /CNW/ - Seniors are the fastest growing
demographic according to the latest Canadian census yet, according to
new research conducted for Everest, North America's first nationwide
funeral planning and concierge service, as more people get closer to
end of life, we are not adequately prepared for our deaths.
According to Everest's research*, Canadians are unprepared for end of
life considerations. Just over half (53 per cent) have purchased life
insurance, fewer than half (49 per cent) have prepared a will, and only
nine per cent have pre-planned their funeral. Plus almost two-thirds
(64 per cent) have never had to plan a funeral before so they have
little idea how many details it may entail.
The good news is that most Canadians want to be prepared. The vast
majority (84 per cent) agree that making funeral arrangements in
advance is the right thing to do in order to spare loved ones the
financial and emotional burden while trying to grieve.
So what appears to cause Canadians' hesitation?
Almost half (46 per cent) worry about not being able to afford it; more
than a third (37 per cent) just don't know where to start, or worry
about being taken advantage of (36 per cent); and finally, only a
quarter of Canadians expect to live where they currently reside after
they retire so locking into a specific funeral home simply doesn't make
"Funerals are one of life's certainties, yet they are the one thing
Canadians seem to be unwilling to plan ahead for," said Mark Duffey,
President and CEO, Everest. Adding, "the disconnect is obvious: while
we want to spare those closest to us the stress and cost of deciding -
and having to pay for - our final arrangements, many avoid planning
because they don't know where to start, don't know where they'll be, or
fear they'll get taken advantage of."
To address the concerns that Canadians appear to have about planning
their funeral, World Financial Group Insurance Agency of Canada, has
partnered with Everest, to launch a unique life insurance package that
provides Canadians with all of the necessary coverage, along with the
availability of independent advisors to make all of a family's
arrangements at the time the package is needed - wherever and whenever
that is - all with just one phone call.
"The Everest package is completely unique to the Canadian marketplace
and is specifically designed to help families when they need it most,"
said Rick Williams, President and CEO, World Financial Group Canada.
"When you purchase the Everest package, you have access to a full
concierge service staffed by independent advisors to help families take
care of every last detail of funeral planning including negotiating the
lowest cost, which can save people thousands of dollars."
The cost savings is significant because the average funeral and burial
costs can easily exceed $10,000. Many people assume that the Canada
Pension Plan (CPP) Death Benefit or, if applicable, their life
insurance will cover these costs but the reality is CPP offers a
maximum benefit of $2,500 and the average life insurance policy can
take months before proceeds are paid out.
"Families are under a lot of emotional duress and without advice, may
spend hundreds, or even thousands of dollars, more than they need to.
Everest gives clients the information needed to make smart choices,"
The Everest offering available through World Financial Group offers
coverage from $5,000 to $30,000 and is available by visiting EverestFuneral.ca/WFG or by calling 1-888-444-4181.
About World Financial Group
World Financial Group (WFG) is a financial services marketing company
whose affiliates offer a broad array of financial products and
services. WFG's independent associates, located throughout the United
States and Canada, strive to help individuals and families often
overlooked by the financial services industry to plan for their
financial futures, advocating the power of choice for clients through
agreements with several of the financial and insurance industries'
WFG is a business unit of the Life and Protection Division of
Transamerica Life Insurance Company. The Transamerica companies offer a
wide array of innovative financial services and products with a common
purpose: to help individuals, families, and businesses build, protect
and preserve their hard-earned assets. With more than a century of
experience, Transamerica has built a solid reputation on solid
management, sound decisions and consumer confidence. For more
information, visit www.worldfinancialgroup.com.
Everest is an independent consumer advocate providing funeral planning
and concierge services. Its sole purpose is to provide the information
families need to make the most informed decisions about
all funeral-related issues. As an impartial advocate, Everest is not a
funeral home, does not sell funeral goods or services, and does not
receive commissions from funeral homes or other service providers in
the funeral industry. Everest has been providing service to more than
20 million customers across North America for more than 10 years now,
including through some of the largest life insurance carriers in North
*The statistics quoted in this document are from a survey that was
completed online from March 2 to 7, 2012 using Research Now's online
panel. 1,167 Canadian adults were surveyed. Quota sampling and
weighting were employed to balance demographics and ensure the sample's
composition reflects that of the actual Canadian population according
to Census data. Because the sample is based on those who initially
self-selected for participation, no estimates of sampling error can be
calculated. A randomly-selected sample of this size yields results
accurate to within plus or minus 2.5%, nineteen times out of twenty.
For further information:
Tara Wood, Veritas Communications, 416-301-5724, firstname.lastname@example.org