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Funeral insurance or not?

More and more people are opting for funeral insurance at an increasingly earlier age, and for good reason. After all, thanks to such insurance, the policyholder and next of kin need worry less or not at all about financing the funeral once the person dies.

On the other hand, of course, you don't want to take out such insurance without thinking. Is this insurance mandatory or not? What are the consequences if you don't take one out and what are the benefits if you do? Read on quickly for more info and advice.

To read or not to read funeral insurance

What are the consequences if you don't have funeral insurance?

As already mentioned, taking out funeral insurance is not an obligation. So there are no penalties or other legal consequences associated with it. The consequence, of course, is that you do not build up an insured amount during your lifetime, which means that after your death, your next of kin will not receive any financial resources to arrange your funeral.

Do you choose to ignore funeral insurance? Then it is still at least advisable to save for your own funeral. If you do change your mind later and still want funeral insurance, there is no need to worry: you can still take out funeral insurance until the age of 75.


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Do you even need funeral insurance?

Is funeral insurance necessary? The answer to this question depends on a number of things. Below is an overview of situations where an insurance of it may well be a good solution:

1. You don't have enough savings for a funeral.

If you have not saved enough money yourself to pay for your funeral and do not want to give your next of kin high costs in the process, then funeral insurance is a good choice. This way, your funeral will be financed by the insurer itself.

2. Your accounts are frozen after your death

Funeral insurance can also be of interest when your account is frozen after your death. This is usually a temporary measure, but it ensures that during that time your next of kin will not have additional financial resources available to arrange your funeral.

Funeral insurance offers a solution in such a situation. In addition, of course, you can always set aside extra savings so that your loved ones will still have extra funds to finance your funeral.

3. You and your dependents want more peace of mind

Finally, funeral insurance is a must if you want to give yourself and your loved ones more peace of mind. This has to do with the financial side of the matter, but it also offers benefits on a practical level.

If you take out funeral insurance, you can record your personal wishes regarding your funeral with the insurer right away. That way, you won't have to deal with that later. What kind of funeral insurance will you choose.

The main benefits of funeral insurance

Once you have decided to purchase funeral insurance, you will enjoy a number of interesting benefits. Below is an overview:

1. You choose the insured amount all by yourself

As a policyholder, you choose entirely how high the insured amount is, depending on your personal preferences regarding the funeral.

2. You decide who gets the money

In doing so, you are also free to determine the recipient of the amount after your death. This gives you more control over your money and where it goes.

3. Your insurer always pays out

Another good reason to purchase funeral insurance? Your next of kin are guaranteed to receive the total amount after your death, which is one less worry for you and your loved ones anyway.

4. Your next of kin should not fund your funeral themselves

The biggest advantage, of course, is that your next of kin won't have to dip into their own bank accounts or wallets to provide you with a dignified and well-cared-for funeral. This gives your family a lot more financial peace of mind.

Switching to another funeral insurance policy

With funeral insurance you save yourself and your loved ones a lot of headaches, both on a practical and financial level. The earlier you take out such insurance, the better. On the other hand, it can happen that you are not satisfied with your current funeral insurance and want to switch to another one.