What is KBC Funeral Insurance?
Saying goodbye is never easy. It is worthwhile considering this for a moment. KBC Funeral Insurance lets you protect your loved ones against the financial consequences of your funeral.
The policyholder is free to determine the beneficiary. This could be the undertaker who arranges the funeral.
Why take out funeral insurance?
According to a survey carried out by Test Aankoop in October 2018, the average cost of a funeral is currently 5,000 euros. And this doesn't yet include the cost of the repast, headstone, concession, etc.
Sum insured: free choice
You choose the amount of your funeral insurance capital. In other words, the insured sum can be anything between a minimum of €4,000 and a maximum of €10,000. If you opt for monthly premiums, your capital can be indexed. This means it increases by 2% of your chosen amount of capital each year. The advantage of this is that the insured amount increases in line with the rising cost of funerals.
Premium: two options
For this insurance policy, you either pay fixed monthly premiums over 15 years or a single premium (mandatory for insured persons over the age of 65 and a half). This means that you know exactly what you have to pay as soon as your insurance policy starts.
Payment to the undertaker
KBC will settle the funeral bill directly with the undertaker. KBC pays the first funeral bill it receives within 45 days of the insured person's death up to the amount of the insured sum. And if there is still a balance remaining, it will be left to the estate. If we do not receive an invoice within 45 days, we pay out the sum insured to the estate.
Last will and testament
You probably trust that your family or friends will organise a fitting funeral for you. But in many cases, the finer details are not always discussed. If it is important to you that your funeral and the associated arrangements go as you would have wanted, it is a good idea to set the details out in a last will and testament. With this document, you can inform your loved ones of your personal wishes in relation to your funeral.
There is no tax relief on the premiums. You do not pay withholding tax unless the policy is surrendered during the first eight years. However, an insurance tax of 2% will apply to additional deposits.
What is excluded?
Just as with any insurance policy, there are also exclusions here. These include
- Death of the insured person by suicide in the first year of the contract. Euthanasia according to the legal provisions is not an exclusion, however
- Death of the insured person as a consequence of an act of violence or active participation in events of war
More things you need to know
- KBC Funeral Insurance is governed by the laws of Belgium.
- Future tax treatment can change and depends on your individual circumstances. Your intermediary will be glad to give you bespoke advice in this respect.
- Term: lifelong. The sum insured will be paid out upon the death of the insured person, regardless of when this occurs.
- Taking out a KBC Funeral Insurance is subject to a medical acceptance procedure based on a short medical statement. At the time the insurance is taken out, the insured person must not yet have turned 68.
- Your intermediary is your first point of contact if you have any questions or complaints. If you have any complaints, you can also contact email@example.com, tel. 0800 62 084 (free) or contact the Belgian Insurance Ombudsman, de Meeûsplantsoen 35, 1000 Brussels, firstname.lastname@example.org.
- KBC Funeral Insurance is a class 21 product.
To get a KBC Funeral Insurance quote, you can always contact your KBC intermediary.
The KBC Funeral Insurance is a product of KBC Insurance NV – Professor Roger Van Overstraetenplein 2 – 3000 Leuven – Belgium.
VAT BE 0403.552.563 – RLP Leuven – IBAN BE43 7300 0420 0601 – BIC KREDBEBB
Company licensed for all classes of insurance under code 0014 (Royal Decree of 4 July 1979, Belgian Official Gazette of 14 July 1979) by the National Bank of Belgium, de Berlaimontlaan 14, 1000 Brussels, Belgium.
Member of the KBC Group