What is funeral insurance?

This insurance is designed to meet any material and emotional needs following a death

In the event of the death of a loved one, often the financial and personal obligations facing a family can be overwhelming. Apart from complicated bureaucracy, which is often daunting due to the difficult personal situation, families also have to take on funeral expenses. Funeral insurance is designed to minimize the organizational and financial impact on a family.

Funeral insurance is a specialized solution intended for coordinating and providing funeral services when an insured person passes away. It provides support to the family in both emotional aspects and material aspects, such as management and administrative procedures. Coverage guarantees the payment of burial service expenses, management for any services required to coordinate it, as well as other costs and administrative procedures involved in the transfer of the deceased from any part of the world to the place designated for burial or cremation.

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Funeral insurance is a specialized solution intended for coordinating and providing funeral services when an insured person passes away. It provides support to the family in both emotional aspects and material aspects, such as management and administrative procedures. Coverage guarantees the payment of burial service expenses, management for any services required to coordinate it, as well as other costs and administrative procedures involved in the transfer of the deceased from any part of the world to the place designated for burial or cremation.

According to the report by the Organization of Consumers and Users (OCU) published in late 2016, a funeral in Spain costs an average of €3,500. Given this cost, we recommend you take out funeral insurance to cover all costs at your death, and not leave your family left with the economic burden.

The differential value of funeral insurance, compared with other solutions, is that the company takes care of all the administrative procedures related to the death (processing death or funeral documents, transfer, cremation or burial, death notices, flowers, etc.), it provides psychological support to family members and it also covers the cost.

Anyone living in Spain can take out funeral insurance. It is also a family insurance, which provides cover to all members of the family through the same policy.

Insured capital and types of premiums

Funeral insurance guarantees a funeral service up to the limit of the insured amount, which is determined by the price of the funeral services, which may vary from one area to another.

The premium or the cost of the insurance is established in accordance with the cost of the services hired, by the number of persons insured and, in some types, the age of the insured person.

According to a report by the OCU from November 2013, a funeral in Cuenca, Tenerife or Las Palmas costs half of that in Vigo or Ciudad Real. This is why the price of the insurance will vary depending on the place of residence of the person insured.

Once the funeral policy has been taken out, it will remain effective until the death of the insured. Furthermore, once all the procedures and funeral proceedings have finished, any capital still available in the insurance policy is paid to the deceased's heirs.

Premiums paid for funeral insurance may: be fixed, vary according to the age of the person insured, not vary according to age, or they may be a combination of these last two. Some types of insurance policies allow you to make a lump sum payment for the full amount of the premium.

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Funeral insurance coverage

When taking out Funeral insurance, the insured can choose the type of funeral service they wish to receive at their death: interment (usually known as burial), burial rates (for owners of a niche, tomb or pantheon) or cremation.

The main coverage of funeral insurance usually includes two concepts: the burial service and the associated administrative procedures. The service comprises, among others, the cost of burial or cremation, the funeral home, the casket or the cremation urn, the hearse, the wreath, the niche and the death notices. The details of these are usually adapted to the use and customs of the place of residence of the insured. Regarding administrative procedures, the insurance company will assign a specialized adviser to coordinate the service and the paperwork. These procedures usually consist of: obtaining the death certificate, updating the family record book, inscription in the Registry, death certificates, wills, and testaments.

Apart from these services being covered, which is generally offered by all funeral insurance policies, additional coverage is frequently included, such as travel assistance or an insured capital in the event of death by accident.

Taking out funeral insurance with BBVA

BBVA offers three types of funeral insurance policies. These are aimed at different profiles and offer insurance coverage to residents in Spain of any age (up to 99 years), and regardless of their state of health. These are family policies, which permit up to five insured persons under the same policy. There is also a special policy for foreign residents in Spain who wish to be buried in their home country. In this case, all the repatriation expenses for the deceased are covered. BBVA funeral insurance offers the insured the option of paying the premium quarterly, biannually, annually or in a lump sum, according to the type of policy selected. Moreover, if all the expenses arising from the death of the insured have been covered and there is still capital available in the insurance policy, then the company will deliver whatever money is remaining to the deceased's heirs.
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