What is the best funeral insurance?

What is the best funeral insurance?

Funeral insurance is a contract that allows you, during your lifetime, to prepare for your future funeral, while relieving your family of this financial and logistical burden. More than 4 million French people have already subscribed to such a provident contract. But in practical terms, how does funeral insurance work? How much capital should you plan for? What are the possible payment methods and what happens after your death? We get back to you!
What is funeral insurance?

By definition, funeral insurance, or "funeral agreement", allows you to organize and finance your future funeral during your lifetime, in order to relieve your loved ones of this burden while they are in mourning.

    This provident contract also allows you to make sure that your last wishes will be respected, since it has the same value as a will.

Funeral insurance most often comes in 2 forms:

    the preparation of a capital that you deem necessary for the preparation of your funeral;

    the preparation of a capital as well as the organization of your funeral: cremation or burial, type coffin or funeral plaque, you decide and your choices will be respected.

Do not confuse funeral insurance and death insurance: the latter provides for the payment of a capital or an annuity to designated beneficiaries who will be able to dispose of them freely.

The funeral insurance is renewed each year until your disappearance. However, if you wish to terminate this contract, you can send a funeral insurance redemption request letter and terminate your funeral coverage.
What is the price of funeral insurance?

According to the Confederation of Funeral Directors and Marblework, funeral costs vary between € 3,500 and € 4,000 in France. Prices that can vary greatly because several criteria influence them:

    the amount of capital you wish to provision;
    the method of payment;
    the age of the subscriber;
    the place of burial or cremation.

Know that funerals are getting more and more expensive, whether it is cremation or burial. You will therefore need to request quotes from funeral operators in order to have a precise idea of ​​the sum to be raised.
Burial
Average price in France
€ 3,300
Average price in Ile-de-France
€ 4,800
Cremation
Average price in France
€ 2,300
Average price in Ile-de-France
€ 3,400

As for the price of funeral insurance, it depends on your contract and the payments you choose to make. Several options are available to you:

    Single payment case: you pay your capital all at once (€ 5,000 are paid most often). This type of payment is recommended for people who are already old.

    Case of temporary payments: you pay monthly payments for a defined period. If you want to reach a capital of 5,000 €. It will cost you 40 € per month for 10 years. This option is recommended for young seniors.

    In the case of lifetime payments: you set a capital and pay monthly payments until the day of your death. A more advisable option for the elderly, approaching the statistical age of death. This is because a younger person would risk reaching and exceeding their desired funeral lump sum before death. With this option, the monthly payments are higher (between 50 and 70 € / month) to anticipate the death of the subscriber and to avoid the assurance of ending up with insufficiently funded capital.

Depending on the contracts, contributions may change with age: it is better to take out a funeral agreement with a provider who does not practice this increase.