The only sure thing in life is death, a trance that, sooner or later, we will all go through. That is why there are many who try that this unpleasant event does not imply an economic burden for their loved ones. It is this issue, together with the cost of death insurance, which explains the success of this product in our country. In fact, funeral insurance is one of the most contracted in Spain, being deeply rooted in our culture.
El Funeral insurance it usually accompanies the life insurance. In any case, to choose both one and the other, it is essential to have the services of experts in the field of Insurance. Euroteide Insurance is an insurance consultancy that operates in the south of Tenerife and that, thanks to their more than 25 years of experience, they will find the funeral insurance that best suits your needs and requirements. However, they not only work with funeral insurance, but also with other products such as Car insurance, Home insurances y Health insurances, among many others.
How much does funeral insurance cost?
The premium price of a funeral insurance will depend on the coverage included in the policy, as well as the age of the insured or the province in which it is contracted, with Ceuta being the most expensive place to contract this insurance and Tenerife the most expensive place cheap. A) Yes, the more coverage the funeral insurance includes, the higher its price will be. That is why, in order to determine the average price of this product, it is essential to take into account what type of funeral insurance we are facing.
However, nowadays insurance companies are betting on funeral insurance policies with the best value for money, offering their clients extensive coverage at a fairly affordable price. It is essential to know how much a funeral insurance costs, being your average price in Spain is about 80 euros per year. So how much does funeral insurance cost per month? Its price ranges between 6 and 7 euros per month.
Types of funeral insurance and its coverage
The coverage of the Death Insurance will be the same in the first three modalities, although they change in the fourth type of this Insurance. They are as follows:
- Burial in niche or grave and tombstone.
- Incineration service.
- Funeral Parlor and religious service.
- Hearse, shroud, conditioning of the corpse and flowers.
- Faculty to choose the place of burial and the cemetery within Spain.
- Power to choose the funeral home and the components of the burial.
- Administrative procedures for death such as the application for a death certificate, removal from the family book or registration in the Civil Registry, among others.
There are different types of Insurance depending on the premium of the policy. They are as follows:
Natural mode
This type of funeral insurance has a Premium whose amount increases with the age of the insured. Thus, at the beginning the premium is very cheap, but as the insured gets older it becomes more expensive, its cost being much higher than in other forms of Death Insurance. In fact, when the insured is elderly, the cost of the premium for this insurance is very high and, at times, it is difficult to pay for it.
Leveled mode
This type of funeral insurance has a practically constant premium throughout the life of the insured. In this way, the insured knows the price of the premium throughout his life at the time of contracting the funeral insurance. In addition, this insurance has the advantage that the amount of the premium increases very little each year, which explains why it is the most expensive type of funeral insurance at the beginning.
Mixed mode
This type of funeral insurance Combines Level Mode and Natural Mode Insurance. Thus, in this type of funeral insurance the premium is recalculating, as is the case with natural death insurance, depending on the age of the insured. However, when the insured reach the halfway point of their life —that is, at an average age— a leveling component is incorporated into the death insurance premium, so that, when the insured is around 60 years of age, the Insurance premium remains constant.
Single mode
This type of death insurance is very common among those who decide to take out a death insurance in old age, past the retirement age or those people who, due to having a serious illness, are not insurable by the rest of the insurance modalities of deaths. This type of policy consists of paying a one-time premium. Thus, the insured makes a single capital contribution. However, this type of funeral insurance has substantial differences in coverage with respect to the rest of the types of funeral insurance, since only includes the insured's burial.
Why is it profitable to hire a funeral insurance
Without a doubt, the funeral insurance It is so successful in our country because, in addition to having extensive coverage, it is an important support at a time as complicated as the death of a loved one, not having to worry about the multitude of procedures that the death of a person entails.
Just because of this reality, many people decide to hire this product. However, from an economic point of view, is funeral insurance really profitable?
A funeral in Spain has a price of between 3000 and 6000 euros, although the price increases to 10 euros if the body has to be moved from one city to another. Funeral Insurance, however, it has a cost of about 80 euros per year, that is to say, slightly less than 7 euros per month for a family with 5 members. Sure, the price is very competitive, but the cost and profitability of this product will largely depend on the years of life of the insured person and the type of policy that is contracted, although the truth is that a funeral insurance is seldom profitable.
Therefore, if we take into account how much funeral insurance costs per month, we can see that this product is highly profitable.
If you would like to hire a funeral insurance, it is best to have the help of Euroteide Insurance, a Tenerife Insurance consultancy with more than 25 years of experience in the field of Insurance, so that they will know how to guide you to hire the best product for you and your family.
