What is funeral insurance?
You may not think about it on a daily basis. But the cost of a funeral quickly adds up. You can insure yourself for this with funeral insurance. What is funeral insurance and what types are there?
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"Comparing insurance almost always pays off. Premiums may have increased or your personal situation may have changed. That's why we recommend comparing your insurance every year."
Laura van Maarschalkerweerd - Expert insurance.
More than 10 years of insurance experience
Why get funeral insurance
The cost of a funeral is around €7,000 - €10,000. Exactly how much a funeral costs depends, of course, on your personal wishes.
It turns out that people often underestimate how much money a funeral costs. You can finance your funeral by saving for it yourself.
If there are no assets to pay for the funeral, the costs are for the next of kin. In order not to burden you next of kin with this expense, it is wise to take out funeral insurance in good time.
What does funeral insurance cost?
What funeral insurance costs depends on several factors:
- Age: The younger you are at the time of underwriting the lower the premium;
- The term of the premium: do you choose 15, 20, 30 years or lifetime?
- The amount of the sum insured: the premium increases with a higher capital;
- The type of funeral you choose: will it be a burial or cremation?
Funeral costs change
The cost of a funeral typically increases by several percent each year. Therefore, it can be important to ensure that the insurance coverage you have taken out increases with the cost of the desired funeral. Otherwise, there is a chance that your next of kin may still have to pay for part of the funeral out of their own pockets.
Therefore, when taking out funeral insurance, you can agree on the following:
- Profit sharing: this involves periodic credits to the insured capital. This crediting is a portion of the profit an insurance company makes, for example through interest credits or investments. With profit sharing, you always speak a fixed benefit amount when you die.
- Indexation: the insured amount and the premium are adjusted annually so that the value of the benefit increases with the costs. Figures from the Central Bureau of Statistics (CBS) are often used as the basis for indexation.If you choose indexation, you should be aware that you will pay slightly more premium.
What does funeral insurance cost per month?
As explained above, the cost of your funeral insurance depends on a number of factors. Thus, what you pay per month for your funeral insurance depends on your personal situation. The younger you take out your funeral insurance, the lower the premium you will pay.
Want to calculate your funeral costs quickly and easily? With this tool, you'll know within minutes how much your funeral will cost approximately. Because as you think about your own funeral, there are bound to be some things that are important to you.
What types of funeral insurance are there?
If you are going to purchase funeral insurance, there are several types of insurance to choose from.
You can divide these different types into two main groups: in-kind funeral insurance and capital funeral insurance.
Natura funeral benefit
With in-kind funeral insurance, you insure a number of services. You can think about the work of the funeral director, the coffin, mourning prints and cars. Taking care of the funeral is taken out of the hands of the next-of-kin.
Capital funeral insurance
Capital funeral insurance pays a fixed amount upon the death of the insured. This amount can be used to pay (part of) the costs of the funeral. The next of kin have to take care of the funeral themselves.
Combination insurance
Many insurers also offer the option of combining the two types of funeral insurance mentioned above. The combination funeral insurance consists of a part in kind and a part capital. You draw up your own package of products and services and, in addition, a freely spendable amount will be added. Next of kin can use this amount for additional wishes such as a more luxurious coffin.
Natura sum insurance
With in-kind sum insurance, a fixed amount is insured. The main feature of this type of funeral insurance is that next of kin are obliged to spend this amount on the funeral. The money may not be spent for any other purpose. The cost of the funeral must be advanced by the next of kin and can be claimed afterwards.
