We tell you a series of tips that you should take into account when hiring funeral insurance in the Canary Islands. At Canarisk, we can advise you on which is the best death insurance in Tenerife and LAas Palams, and at the best price.
Burial costs can be very high. To the pain for the loss of a family member is added an economic burden that is difficult to face. For this reason, contracting death insurance is common in the Canary Islands. If you wish to contract it, you must specifically analyze your needs and those of your relatives, as there are many companies on the market that offer this type of insurance.
What capital should be insured in your death policy?
If the capital insured in the policy is not sufficient and does not cover all the expenses derived from the burial, the relatives must assume the expenses that are not covered. If, on the contrary, the capital that is insured exceeds the cost of the burial, the company must return the unused money to the beneficiaries.
For this reason, when contracting funeral insurance, you must take into account that the insured capital is updated annually, to guarantee that your policy covers burial expenses. The recommended value would be approximately €3.000
Who can take out a death insurance policy?
Anyone can have Funeral insurance, regardless of their age.
How can you pay the premium for a funeral policy?
Normally, the payment of the premium can be made monthly, quarterly, semi-annually or annually, depending on the insurance company with which you contract the policy.
On the other hand, there are four types of premium:
- Level mode: the amount of the premium remains constant throughout your life.
- Variable mode: the premium you pay is higher as you get older.
- Mixed mode: the amount you pay increases in parallel with your years until you reach a certain age, after which the premium becomes constant.
- Single modality: the policy is paid in a single payment.