Talking about death is usually not very pleasant. However, it is important to discuss the subject calmly and honestly with family and loved ones.
Have you ever imagined what would happen to your family if you were to pass away? Who would bear all the expenses? The death of any person entails both procedures and costs that must be assumed at the very moment the loss occurs, which requires concentration and movements that, in all likelihood, are what we least want to do at such a difficult time. Therefore, it is very important to have a death insurance, which will allow you to streamline all this paperwork. Below, we explained what a death insurance is, how to use a funeral insurance comparator and what happens if you don’t have a death insurance.
What is a death insurance policy?
Death insurance is one of the most important insurances, since it is a policy that allows that, in case of death, your relatives or friends do not bear the expenses of your death. However, most insurance companies do not allow this insurance to be taken out after the age of 60, but it can be taken out at any time prior to that age and the insurance will be automatically renewed year after year.
In general, death expenses range between 3,000€ and 4,000€, so it is highly recommended to have a death insurance that allows you to meet these amounts when the time comes and, in addition, not to compromise your loved ones, who should pay such amount.
The conditions that fall under such insurance may vary depending on the insurer as well as the monthly fee you pay. You can check both the coverages and the amount of the insurance by using a death insurance comparator. In general, the most frequent death insurance coverages are:
- Funeral expenses, which may include the coffin, obituaries, headstones, niches, graves, religious services…
- Administrative formalities, i.e., legal paperwork such as the death certificate, last will and testamentary documents or the contribution, among other formalities.
- Transfers. This refers to the hearse and accompanying persons. Prices may differ according to the location, whether it is an urban or rural center, or even depending on the part of the country where the deceased is located.
- Repatriation, in case the deceased lives abroad or the death occurs during an international trip. Funeral insurance provides in advance for this cost, which is usually very high.
- Assistance from an administrative agency, to manage documents related to rights and responsibilities related to a death, such as widow’s or orphan’s pensions, inheritances or changes of ownership, among others.
- Telephone, travel or educational assistance services at home.
Any service or coverage must be detailed in the death insurance contract. Depending on the price of the insurance, more or less coverage may be included. To find the best funeral insurance adapted to your needs and expectations, do not hesitate to use a death insurance comparator.
What if you don’t have death insurance? – The Answer
Having a death insurance policy is the guarantee that family members will have the right to claim services for the insured amount or value when the policyholder dies. Also, any surplus that has not been invested can be claimed by the heirs. But what if you do not have death insurance?
There are people who do not realize the importance of a death insurance, which, as we have previously pointed out, has numerous coverages in case of death: from funeral expenses, to administrative procedures, transfers or repatriation, among others. Not having this type of insurance in the event of death may involve a total cost of approximately €3,500 to be borne by family members or relatives. Not having a death insurance means that the heirs will have the legal obligation to pay all the expenses: coffin, funeral home, niche, headstone, obituary, bureaucratic procedures… In this sense, there are many families who do not have the necessary means to take care of all these expenses, so the death insurance is a guarantee to avoid complicated situations, because in just one call the professionals will take care of all the necessary arrangements.
Any death of a loved one is a very hard moment, so having a death insurance will allow relatives and loved ones to focus on their grief and to say the last goodbye to the deceased, without having to be aware of all the administrative procedures that must be carried out at the same time and that require a cool and focused head. Death insurance, like many other policies, has different conditions and, the younger you take it out, the more guarantees you will have and the more coverage you will be able to add. Taking out a death insurance policy will give guarantees and peace of mind to your family members.
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