Do you want to relieve those around you of the financial burden of your funeral and plan in advance how it will take place? All you have to do is contact the insurance company you have chosen and then take out funeral insurance. Well chosen, this insurance contract can meet all your expectations in this area. After reminding you how funeral insurance works, we’ll explain when you need to take it out, then we’ll tell you until what age this is still possible. Here’s a helpful focus on not missing out on an important retirement contract!
A significant insurance contract
L’funeral insurance is a contract designed to finance and possibly set the terms of the subscriber’s funeral. This foresight avoids leaving this burden to the relatives of the deceased. This can especially increase the weight of grief, financial and administrative constraints.
Its principle of operation is simple. The subscriber chooses capital amount and possibly its funeral servicesthen contribute according to his age. This insurance system differs from others pension agreementsbecause it does not cover a danger, but an inevitable fact, the death of the subscriber. Insurance companies offer two types of funeral insurance:
- The capital contract : it allows the payment of capital to the nominated beneficiary within 48 hours of the death of the insured. The beneficiary must use this amount to pay for the funeral. He remains responsible for organizing these.
- The service contract : it contributes to bereavement assistance with the organization of funerals. The subscriber appoints a funeral home, chooses the desired services and determines precisely the course of the ceremony. The subscriber will have a guarantee that his last wishes will be respected.
Funeral insurance should not be confused with death insurance. The first is designed specifically for support for the funeral. The second protects its beneficiaries (generally spouse and children) from the financial consequences of death. They receive capital or an annuity, the use of which is left to their discretion.
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When should you take out funeral insurance?
Funeral insurance can be considered at any time, even if some insurance companies impose one the age of the floor about 40 years old. However, its subscription relates more specifically to people who are settled in life and who want to protect their loved ones. If it is really wise to think about it from the age of 40, it becomes really necessary at the age of sixty.
Depending on the insurance company, but also the formula chosen, funeral insurance can be paid by the subscriber in three different ways:
Lifetime contribution
The subscriber contributes from the entry into force of the contract until his death. This method of payment has the advantage that it provides a relatively low contribution, but in the case of a long payment period can result in a total cost that is greater than the guaranteed capital. Therefore, this form of payment is possible subscribers who are already elderly (+/– 70 years) at the time of signing the contract. It is clear that the benefit of the guaranteed capital in case of death is acquired as soon as the contract comes into force.
The temporary contribution
The insured chooses one when drawing the duration of the payment generally between 5 and 20 years. Depending on the contractual provisions, the contribution must be paid monthly, quarterly or annually. This solution has the advantage that it spreads the expense over time, while at the same time the quantity can be controlled. This is a good solution for active subscribers who still have a lot of expenses to cover and who are looking to limit the budgetary impact of taking out their funeral insurance.
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One-off payment
There funeral insurance premium payable in one go at the time of subscription. This is the ideal payment method for subscribers who can easily afford the expense. This is often the case for young pensioners who own their main residence and no longer have children to support.
Faced with a hard blow, an insured may consider buying their funeral insurance to get the liquidity they lack. The Insurance Act considers it a right to buy back funeral insurance. This redemption, in whole or in part, is carried out by simply sending a letter to the insurance company with the contract number and accompanied by an attachment of a copy of the insured’s identity card.
The effect of age on the amount of the monthly contribution
L’subscription age is not without consequences for the size of the funeral insurance premium. The younger the person is when the funeral insurance is taken out, the lower the contribution. In fact, the subscription made at a young age, taking into account the average life expectancy, suggests a longer contribution period.
Example of a guaranteed capital of €4,000
THE average cost of funeral is €3,800 for a cremation and €4,300 for a funeral. We therefore recommend signing a contract that guarantees at least €4,000 in capital. We have calculated for you the amount of the contribution for this contract depending on the subscription age :
| Age | Contribution amount |
|---|---|
| 40 years | €17/month |
| 50 years | €34/month |
| 60 years old | €51/month |
*Prices valid in July 2024.
Is there an age limit for subscription?
Insurance companies are free to opt out or not age limit for taking out funeral insurance. When it exists, this limit is generally set between 80 and 85 years old, but some insurers set it from 70 or 75 years.
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Most often, taking out funeral insurance does not require you to respond to one medical questionnaire. In return, the insurance company imposes a waiting time from a few months to two years.
Once found, the medical questionnaire is used by the insurance company to assess the risk of insuring the applicant. This evaluation is used to develop a personalized price that will be offered to the latter.
No one can predict his death take out funeral insurance should be placed among responsible actions. Anticipating its inevitable end gives the subscriber peace of mind!
Frequently asked questions about the age limit for funeral insurance
What is the age limit for taking out funeral insurance?
The existence of an age limit for taking out funeral insurance is not systematic. When it exists, according to the insurance companies, this age limit is between 70 and 85 years (most often between 80 and 85 years).
What is the age limit for taking out death insurance?
The maximum age for taking out death insurance is set by each insurance company between 55 and 70 years. Most contracts set this age limit at 65 years.
Who can be the beneficiary of a funeral contract?
The subscriber of the funeral policy can designate the person of his choice as the beneficiary of the guaranteed capital, which is paid out on his death. This represents a notable difference with death insurance because the latter does not allow the appointment of a financial agent, a health professional responsible for the care of the insured or a representative of a religion. This difference is explained by the fact that the capital released by the funeral insurance is necessarily set aside to pay for the insured person’s funeral.
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What is the contribution period for a funeral contract?
It all depends on what the contract stipulates! In the case of a temporary contribution, its duration, between 5 and 20 years, is set out in the general conditions for the latter. For a life contribution contract, the duration extends by definition from the subscription until the subscriber’s death.
