What is a fixed premium funeral insurance?
Like any other type of funeral insurance, fixed-premium insurance is used to pay for burial expenses when the owner dies.
The difference between this type of insurance and other funeral policies is that single-premium insurance is designed for people over 65 years of age who had not previously considered taking out funeral insurance and who, due to their age, can no longer access it. to other modalities.
How does a fixed premium funeral insurance work?
The first thing you have to know is that it is life insurance. The premium is paid in a single payment and not in periodic or fragmented installments. On the other hand, the insured capital is revalued every year without the insured or the descendants themselves having to assume additional costs.
As for the expenses covered by the insurer, if these are less than the insured capital, the normal thing is that the insurance company allows the heirs of the insured to request that surplus capital. In the event that the sum insured is insufficient, then it would be the family who would have to assume the difference until they cover all the expenses of the funeral service.
Coverage of a single premium funeral insurance
In general, there are no differences between the coverage of a single premium funeral insurance and the coverage of a funeral insurance with another type of premium.
These are the most outstanding coverages of Allianz’s most complete funeral insurance:
- funeral service
- full transfer
- Travel Assistance
- digital wipe
- Vital and notarial will
- Management of legal services
- Psychological assistance for death
- dental insurance
- Medical assistance
What should I take into account when taking out single-premium death insurance?
As with any other type of policy, when taking out single-premium death insurance, it is essential to compare and study the offers on the market, as well as evaluate the opinions of other clients.
In addition to taking into account the coverage included and making sure that we are not paying for more coverage, it is key that we inform ourselves about the gaps in the insurance (minimum period of days from the signing of the contract until the moment in which its benefits can be requested). benefits) and on the exclusions and limits of the policy (travel of companions, emergency health care, stay expenses, etc.).
Do you have more doubts about how to take out fixed-premium insurance so that in the future your relatives do not have to bear the costs of your death? Although it is not always easy to talk about it, being proactive and taking out funeral insurance is the best way to ease the burden (mainly financial) of our loved ones.