How much is funeral insurance?

If you are wondering how much funeral insurance costs, it is important to understand that the final price depends on several key factors that insurance companies consider to calculate the premium.
 

These main factors are the amount of the insured capital and the age of the insured person, two variables that make the difference in the cost of the insurance.

The current mortality tables play a fundamental role, as they reflect how the risk increases with age. Therefore, the older the insured person is when they take out the policy, the higher the premium, given that the risk of death is higher. In addition to the insured capital and age, we also need to add additional guarantees to the basic premium, such as assistance services, transfers or complementary cover, plus the corresponding fees and taxes.
 

Factors that influence the cost of funeral insurance

• Age of the insured person: As a general rule, the younger the person, the lower the cost; but if the policy is taken out at an older age, the price increases.

• Insured Capital: The amount taken out to cover funeral expenses and other services directly affects the price of the premium. Higher capital amounts mean higher premiums.

• Additional guarantees: The inclusion of extra cover such as legal assistance, repatriation or personalised funeral services also increases the cost.

• Payment method: Payment options (periodic or one-time premium) can affect the total cost of the policy.

Insurance types and their impact on cost

The price of a funeral insurance policy also varies according to the type of premium chosen:

• Renewable annual or natural premium: The cost is adjusted every year depending on the insured person's current age, increasing over time. This type is usually more cost-effective at the beginning, but it can increase considerably.

• Level premium: It remains stable for the duration of the insurance, which helps with financial planning. It is usually higher than the natural premium at the beginning, as it includes a provision to cover future risk.

• Semi-natural premium and mixed rates: They combine characteristics from the previous two, seeking a balance between stability and initial cost.

• Single premium: A single payment is made to cover the entire term of the insurance, avoiding renewals and possible future increases, although the initial investment is greater.
   

How much does funeral insurance really cost?

To give you an idea, funeral insurance can range from 50 to 300 euros per year, depending on the factors mentioned and the type of policy. However, it is essential to request a personalised quote, since each insurer establishes its own rates and conditions.

Finally, remember that the cost of a funeral insurance should not be the only criterion for choosing the right policy. It is essential to consider the quality of the cover, the reputation of the company and the services included to guarantee complete protection without surprises.