The main incentive to contract funeral insurance is to be able to pay in advance the costs of a burial and the related administrative procedures. Apart from these basic coverages, complementary coverages can be contracted. If you want to know more about the advantages of taking out death insurance in the Canary Islands, check out our post “Why take out funeral insurance in the Canary Islands?
How much does funeral insurance cost?
The price of funeral insurance depends mainly on the coverage contracted, but also on the age of the insured and the cost of funeral services in the chosen location. In this way, as the insured age, the higher the cost of the insurance. But this is not always the case, because insurers allow you to choose between different payment methods when hiring funeral insurance.
What type of death insurance can I take out?
When contracting a death policy, the client can choose between different contracting modalities, according to which the premium that will have to be paid periodically is set. The most commons are:
- Level or constant premium
With this modality, the insured pays a constant premium throughout his life, regardless of age. From the moment the policy is contracted, the same amount is always paid, and the premium can only vary according to the costs of the contracted services.
- Natural or variable mode
With this modality, the premium varies depending on the age of the insured. Thus, the younger the insured, the lower the cost of the insurance, which increases as the insured gets older. It is a modality that can be very economical at an early age but that becomes increasingly expensive as you get older. In addition, the cost of the insurance is also increased due to the evolution of the costs of the services.
- Mixed mode
This modality supposes a mixture between the natural modality and the leveled modality. Thus, at first the insured pays according to his age (as in the natural modality), but when he reaches a certain age the premium levels off and remains constant. As in the other assumptions, the premium may also vary due to the updating of the prices of the services.
- Single premium modality
It is a modality consisting of a single payment in exchange for lifetime coverage. This modality is especially aimed at those over 65 or 70 years of age.
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