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What is funeral insurance
Funeral insurance is an insurance that allows you to determine for yourself the amount you want to insure in the event of your death. This amount is paid to the beneficiary (ies) that you mentioned in your funeral insurance. The costs of your burial or cremation are then (fully) covered based on the amount you have insured. In Belgium, a burial or cremation costs on average from € 3,000 to € 5,000. In other words, it is better to insure a sufficient amount to save your loved ones the worries and costs inherent in a funeral.
As with all other insurance, funeral insurance also allows you to choose which type of payment is best for you, a monthly, quarterly, semi-annual or annual premium payment. You would then pay a premium until a certain age or for a certain period. We therefore offer you the possibility of paying the amount at once, this choice is yours.
Why take out such insurance?
Funeral insurance is recommended because it covers the costs of your funeral and thus saves your loved ones from the hassles of the cost of your burial or cremation. But there are several other reasons that could also encourage you to take out funeral or funeral insurance.
Here are some advantages of funeral insurance:
This covers you for life, from the first payment of your premium.
The costs of your cremation or burial are covered up to the sum insured. The amount paid to the persons you have designated corresponds to the amount you have insured.
Be careful, because your children are not automatically covered by your funeral insurance. However, there are funeral insurance companies, which automatically cover your children up to 18 years of age. You just have to communicate the data concerning them. If your family subsequently becomes larger, do not forget to notify your insurer. For more information, it is best to consult the general conditions of the insurer you have chosen.
We must also be careful, because some funeral insurance does not cover repatriation. This means that if you die abroad, the costs of repatriation to Belgium are not reimbursed. To ensure that repatriation is carried out by your insurance and for more information on this subject, please consult the general conditions of the various insurers which are offered to you for this type of insurance.
When can you take out funeral insurance?
You can take out funeral insurance at any time. The only thing you need to consider are the different ages of entry from one insurer to another. With most insurers, you cannot take out insurance before 18 years of age. You may be covered by your parents' funeral insurance, but, as mentioned above, children are not automatically included in funeral insurance (this varies from one insurer to another).
An age limit is also defined by insurance companies to take out funeral insurance. You can no longer take out insurance after a certain age. As the age limit differs from one insurer to another, we advise you to contact us.
Acceptance possible on the basis of a declaration of good health or a medical questionnaire
Most insurers like DELA, for example, ask you to complete a declaration of good health and if necessary a medical questionnaire, in order to be able to take out funeral insurance. The premium can be adjusted or a waiting period will be imposed on you based on your state of health. In the case of a waiting period, you are not covered if you die due to an illness or a natural cause. The insured is not fully covered and the entire sum insured is paid to the beneficiary (ies) only if death results from an accident.
How is the face amount paid to the beneficiary (ies)?
Most insurers pay the total amount you insured directly to the beneficiary (ies). This insured capital allows them to pay the costs related to burial or cremation.
Some insurers pay the insured amount on the basis of invoices relating to burial or cremation. These invoices can also be paid directly to the funeral director (such as at DELA), so that relatives do not have to advance these amounts. If the relatives have still not sent invoices to the insurer after a certain period (within 3 months, for example), some insurers then pay the full amount insured to the beneficiary (ies) in order to reimburse the costs of burial or cremation.
Ensure sufficient capital, but not too much either.
When purchasing funeral insurance, it is important to provide sufficient capital so that your loved ones do not have to bear the cost of burial or cremation. But without ensuring too high an amount ... Some examples to see more clearly:
Funeral costs = insured capital: the insured capital is then paid in full to the beneficiary (ies), directly or on the basis of the invoices provided. Your loved ones therefore have absolutely nothing to pay for your burial or cremation.
How to cancel your funeral insurance?
As with any other insurance, you must notify your insurer in writing. The only difference with other insurance is that this termination can be done at any time.
What does that mean ?
If you cancel your funeral insurance within 30 days of receiving the policy request signed by your insurer, it does not cost you anything. If you cancel it after 30 days, you pay a redemption fee. The insurer will then pay you a cash surrender value, unless the costs related to the termination of your contract are higher than the premiums you paid.