After a certain age, having a plan that takes care of funeral arrangements and expenses becomes essential. If you are looking for information on how much funeral insurance for the over 80s costs, it is probably because you are interested in leaving everything well organized for your loved ones.
In this article we explain in a clear and up-to-date way what options exist, why we talk about single premiums and what coverages you can expect.
Price of funeral insurance for people over 80 years of age
After the age of 70, it is no longer possible to take out a traditional funeral insurance policy with a monthly premium. Instead, insurance companies offer single premium insurance, which consists of a one-time payment of the total cost of the insurance. This type of funeral insurance is designed to offer lifetime coverage from the moment of taking out the policy, without the need for monthly or annual payments.
Now, how much does a death insurance for the over 80s cost? In general, a single-premium death insurance policy for people over 80 years of age costs around 7,000 euros. Although this amount may vary due to different factors such as the place of residence, the services contracted and the state of health of the insured.
Why is it a single premium?
Generally, insurers usually establish an age limit (70 years of age) for taking out traditional death insurance policies with monthly premiums. This is because it is presumed that, from that time on, the risks increase. And for this reason, a different modality is offered: The single premium.
In this mode, the insured pays the full cost of the insurance in a single payment, thus guaranteeing lifetime coverage without having to worry about future premiums.
It is an ideal solution for elderly people who wish to leave everything settled, without their relatives having to face the expenses or formalities after their death.
What can the price of funeral insurance depend on?
The price of a death insurance policy for people over 80 years of age can vary considerably depending on several factors.
Age
The older you get, the higher the risk for the insurer. This directly influences the price of the insurance.
Coverage
An insurance that only covers the basics (transfer, coffin, funeral service) will cost less than one that includes services such as repatriation, will or psychological assistance for the family.
Location
How much funeral insurance costs also depends on the location where it is contracted and where the service is provided. Since, the prices of funeral services vary according to the province or city.
Medical history
Although not always required or determinative, some insurers may consider the insured’s general state of health.
Smoker
If the insured is or has been a smoker, this may also influence the price of the insurance. Smoking is considered an additional risk factor in health and death insurance.
Advantages of one-time payment of the death insurance policy
In spite of the price, which is undoubtedly important, paying the insurance only once also has many advantages:
- The insured is covered for life.
- As it is a lump sum, there are no increases for age or inflation.
- There is no risk of losing coverage for forgetting a premium.
- Everything is solved from the beginning, which means more peace of mind for the family.
This type of insurance is also a good option for seniors who have received an inheritance or compensation and wish to invest in future peace of mind.
Why is it recommended to take out a death insurance policy?
Taking out a death insurance policy at any age is a responsible way of providing for the future, because it is a good idea to take out an insurance policy at any age:
- Urgent decisions in times of grief are avoided.
- Financial burdens for children or other family members are eliminated.
- The insured’s wishes are guaranteed to be carried out.
- All administrative and legal management is facilitated.
It is also important to note that there are those who, at this age, wish to leave their legacy in order. And this type of insurance contributes significantly to that goal.
What is included in a death insurance policy for people over 80 years of age?
In addition to covering basic funeral expenses, this type of insurance often includes a number of value-added services, especially useful for the elderly. For example, many single-premium insurances also offer inheritance advice, family mediation and guidance on banking after death. This type of legal support, in addition to being practical, can be of great help at an emotionally difficult time for the family.
Also, some policies allow you to select during your lifetime the details of the funeral service, such as the type of ceremony, the cemetery or the possibility of cremation. All of this is left in writing so that the insured’s wishes are carried out without interpretation. This personalization is one of the aspects most valued by those who seek to ensure their legacy with respect and dignity.
Services offered by Adeslas
Although it depends on the specific plan, a single premium death insurance such as the one offered by Adeslas includes:
- Complete funeral service: coffin, preparation of the body, hearse, etc.
- National and international transfers from anywhere in the world.
- Administrative management, procedures with the civil registry, Social Security, etc.
- Online and notarized will, included in some modalities.
- Legal guidance for heirs or family.
- Psychological assistance in the grieving process.
- Travel assistance similar to travel health insurance, covers emergencies if death occurs away from the usual place of residence.
Taking out an insurance policy with Adeslas after 80 years of age
If you are still wondering how much death insurance for the over 80s costs, the answer is around 7,000 euros. But the peace of mind it provides is incalculable.
Taking out a good single premium death insurance from the age of 80 is a smart and generous decision. At Adeslas, we accompany you every step of the way so that you can choose the insurance that best suits you.
