How much does a burial with insurance cost? Everything you need to know

When a loved one dies, the expenses that the family must contend with can be very high. The factors that influence the cost can be very varied and one of the most important is the existence of a funeral insurance policy or something similar. Today, at Áltima, we will discuss the cost of a burial with insurance.
 

What is included in the cost of burial with funeral insurance?

Funeral insurance helps to alleviate the financial burden placed on the family when it comes to meeting the burial costs of their loved one. We have already seen that the cost of a burial without funeral insurance can be very high, but how much does a funeral with insurance cost?

The burial itself will not cost anything, as the insurance company will pay all the expenses. However, there are limits to the cover, that is to say, there will only be certain funeral services included depending on the type of policy contracted.

Everything that is included in the insurance policy will be covered, while any additional services that the family may wish to contract will be their responsibility.
What is included in the cost of a burial with funeral insurance?

Basic funeral services

Funeral insurance covers the basic cost of the funeral services. A standard service will include treatment of the body of the deceased, transfers, mortuary, coffin and cemetery fees. It is also common for a floral arrangement or even an obituary to be included, although this may be optional.

It is important to be aware that, when talking about basic funeral services, the insurance cover is limited in terms of costs. This means that, if the family wanted, for example, to choose a coffin from a higher range, they would have to pay the extra cost associated with this choice.

Meanwhile, in the case of cemetery fees, the insurance will cover the cost of a temporary lease, but the family will be responsible for renewing the lease when the time comes.

Consultancy and administrative services

Another of the funeral services included in a funeral insurance policy is the management of administrative procedures. This includes, among other things: obtaining the death certificate, registering the death in the Civil Registry, and obtaining permits for the burial. All these administrative procedures entail the payment of fees that are usually covered by the insurance policy.

In the event that the relatives wish to have a gravestone, a cross or any other kind of ornamental feature, authorisation will be required from the cemetery. Then they will have to make the necessary arrangements and pay for a funeral company to take care of this.

Funeral ceremony

The farewell service for your loved one is also included in funeral insurance policies. The cost of the ceremony, whether religious or civil, is considered as a basic funeral service in most policies, so the family will not have to pay any additional costs.

Is it worth taking out funeral insurance for burials?

When thinking about whether it is really worth taking out funeral insurance to ease the financial burden of burying someone, the question we ask ourselves is: does it cost more to pay for the burial or to pay for the insurance policy?

To answer this question, bear in mind that a funeral insurance policy covers a risk and is not based on the accumulation of capital. Moreover, it offers full protection from the moment you take out the policy and start paying your premiums, unless the company establishes a grace period for certain types of cover.

Therefore, whether payment is made for one year or ten years, the funeral insurance will cover the burial expenses included in the policy, which is of great help in meeting those basic expenses when a loved one dies.

However, to benefit from this it is essential to plan ahead, choosing the premium that will cover the costs when the time comes. We can do this ourselves, which not only gives us the opportunity to choose the funeral services we prefer to have covered, but it will also serve to ease the financial strain that our death places on our nearest and dearest.

Choosing the right insurance policy to cover burial expenses

To choose the right funeral insurance that will cover burial expenses, it is important to follow this advice:

• Make sure that the policy cover includes all basic burial services, such as the coffin, the wake, flowers, the vehicle for the transfer of the deceased and for those people accompanying them, etc.

• Compare the prices of different insurance companies on the basis of the cover they offer and choose the one that offers the best value for money.

• Check the reputation of the insurance company before purchasing and ensure that customer satisfaction is high.

• Check the payment options of the policy. Some insurers offer payment by instalments or premiums that vary according to the age of the beneficiary of the insurance.

• Find out about the types of premiums available and calculate which option is most beneficial to you when you take out your policy.

In this way, you will be able to make the best decision when it comes to taking out a funeral insurance policy.