Can you buy funeral insurance at older ages?
In the Netherlands, it is not mandatory to have funeral insurance. However, it is highly advisable, to ensure that your next of kin do not have to pay these costs. Most people take out funeral insurance at a young age. However, you can also take out funeral insurance at an older age.
Getting funeral insurance at an older age
Don't have funeral insurance? Then your next of kin will pay for the cost of the funeral. This is a situation you naturally want to avoid. You can take out funeral insurance at an older age. This does mean that your monthly premium will be higher. The rule is the older you are when you take out the higher the premium. The insurer will need to build up enough capital in a shorter period of time. Therefore, taking out funeral insurance is most advantageous when you are younger. Moreover, at a higher age you run the risk of not being accepted by funeral insurance companies. This is because from a certain age you are too big a risk for the insurer.
Age limit different insurers
When it comes to funeral insurance, insurers use various age limits. But in general, you can still get funeral insurance when you are older. The table below shows up to what age you are accepted by the various insurers
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Taking out funeral insurance in old age: health statement
Are you going to purchase funeral insurance at an older age? Then you do need to take certain conditions into account. For example, you may have to submit a health statement when applying for your insurance. This statement is used to determine whether the risk of death is high. Suppose you have a serious chronic condition, the insurer may decide to impose additional conditions. For example, by charging more premium, applying a waiting period, or even rejecting the application for insurance.
What is a funeral fund or funeral deposit?
From the age of 75 it is not so easy to insure yourself for your funeral. With many insurers, however, you can still apply for a funeral deposit or funeral fund. This allows you to make a one-time or multiple deposits, so you can easily build up an amount to still be able to pay for your funeral. Usually the interest rate is more favorable than with a savings account. Upon death, the accumulated amount is released and can be used to pay for the funeral. The next of kin can only use this amount to pay for the funeral. No sum of money is paid out.
What is the best funeral insurance?
Funeral insurance is very personal and depends on your specific wishes surrounding your funeral. There are several types of funeral insurance and each has its advantages and disadvantages. Read more about what to look for and what is the best funeral insurance for you.
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