In funeral insurance, the really important thing is the PREMIUM or RATE that your policy has. That is what marks that when you are retired you may be able to pay your policy or see yourself in very important financial difficulties. If you are interested in the topic, Insurance Academy, blog specialized in insurance, tells you the details below.
Level or natural premium?
There are policies that DO have antiquity and others that are NOT. Those that have ANTIQUITY are those of LEVELED PREMIUM, which are characterized in that they increase in price only when the funeral cost rises, but never due to the fact that they are turning years old. They are more stable in price, you will not have significant differences and you will always be in a similar price environment.
Then there are the NATURAL PREMIUM policies: these rates have NO ANTIQUITY and the policy goes up by the CPI and by age. What happen? That as it increases by age, the older it is, the more we pay. The problem is that the price when we get to 65 or more, shoots up to about € 70 per month per person, about € 2000 of receipt per year if it is a marriage. Many people do not have information and therefore are exposed by not knowing what RATE they have contracted.
Why the natural premium rate arises
The natural premium rate appears in 1999, when it is prohibited to respect seniority when you change company. To react to this ban, companies launch a new product to be able to remove insurance from one company to another with a remarkably low price. They give a cheaper rate, but in the medium and long term, as it is not that old, the price shoots up a lot. If you do not have seniority, the price will go up in your retirement years, which is when you really need it most.
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