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Emergency

Funeral expenses insurance: sensible or expensive?

A funeral expenses insurance is meant to cover the costs of the burial. In the event of a claim, an agreed sum is paid out. Before taking it out and in case of dispute, a close look at waiting periods, premium level, and scope of benefits is worthwhile.

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Your chances of getting your money back

Funeral expenses insurance pays an agreed sum to the beneficiaries in the event of death. Often there is an initial waiting period during which, in case of death due to illness, only limited benefits are provided.
Over the term, the premiums paid in can reach or exceed the sum insured. So check the benefit, waiting period, and total costs critically and compare with alternatives.

What you should do now

  1. 1

    1. Check the terms

    Look closely at the sum insured, waiting period, and premium duration.

  2. 2

    2. Designate beneficiaries

    Clearly determine who should receive the benefit.

  3. 3

    3. Report the claim

    In the event of death, the beneficiaries submit the necessary documents to the insurer.

  4. 4

    4. Examine in case of dispute

    Have a reduction of benefits reviewed against the terms.

How to spot the scam

  • A payout is refused across the board with reference to the waiting period.
  • The total premiums significantly exceed the sum insured.
  • The designation of beneficiaries is unclearly arranged.

Frequently asked questions

What does a funeral expenses insurance provide?

It pays a previously agreed sum to the beneficiaries in the event of death, with which burial costs are typically meant to be covered. The amount depends on the contract. Unlike a term life insurance, the sum is usually limited.

What does the waiting period mean?

In the first years, in case of death due to illness, often only a limited benefit, such as the repayment of the premiums, is provided. Only after the waiting period has elapsed is there full cover. In case of accidental death, the waiting period often does not apply.

Can I cancel the insurance?

Yes, then you generally receive the surrender value, which can be low especially at the start. Check whether a premium exemption or holding the contract makes more sense, and compare with saving the burial costs in another way.

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General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.