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Funeral Insurance in Ireland

 

elderly couple on a bench

Funeral Insurance in Ireland

Funeral insurance isn’t something you like talking about or even considering.

It makes you uncomfortable to imagine your own death.

We get carried away with the emotions of it all.

That’s human nature I guess.

But seeing as you’ve got this far, I might as well outline the options available to you when it comes to funeral insurance.

So how much funeral insurance do you need?

The standard funeral cost in Ireland is €4,062. This covers

  • Removal and Care of the Deceased
  • Embalming
  • Removal to Church/Cemetery,
  • Hearse,
  • Funeral Directors Fee and Coffin
  • but excludes “disbursements”, items such as:

Church Offering, Priest, Music, Obituary Notice and the cost of a burial plot or cremation service.

So let’s take €5000 as the cost of a funeral today.

If that costs goes up every year by 5%, in 20 years time, your average funeral would cost around €13,000.

If you expect to live for more than 20 years, then you’ll need to put more life insurance in place.

As you can see, when you’re calculating how much funeral insurance to put in place, you need to try to make a guess at how many years you’ve got left in you.

The average life expectancy in Ireland is 81 years.

So now you know how much funeral insurance you need, what next?

Once we decide on the amount of funeral insurance you need, we’ll then look at the types of life insurance policies available.

There are a few options open to you depending on your age and your health.

  1. Whole of life insurance – more expensive but is guaranteed to pay out – I would recommend this one. It’s available to age 75.
  2. Non medical whole of life – the only option available to you  if you’re over 75 or have serious health issues.

Once you’re comfortable with the amount of cover, type of cover and the price, the next step is to apply to the best insurer.

Which insurer is best for funeral insurance?

This depends on a number of factors:

  • Amount of cover you need
  • Type of cover you need
  • And most importantly your health

I say your health is most important because this is what can cause a significant increase in your premium if you apply to the wring insurer.

But don’t worry, I will have spoken to all of the Irish insurers on your behalf before we choose which one to apply to.

This guarantees you will get the best deal with the least amount of hassle.

Funeral Life Insurance

This morning Peter and his wife called me for a chat. Sadly, they have had to bury two family members this year. Therefore, are well aware of the costs involved.

They told me that for a basic funeral, you’re not going to get much change from €8,500. That’s also the figure I’ve been quoting but it makes it more real when you hear it directly from a client who’s been affected.

Do your children have €8,500 or, like Peter’s children, would they have to go to their local bank or credit union to get a loan to pay for your funeral?

Peter said this was the last thing he wanted to force on his children.

They’ll be stressed out enough after we go without having to go cap in hand looking for a dig out.

Peter’s wife agreed.

They wanted to make sure should anything happen to either of them that at least there was a life insurance policy to cover funeral costs.

But they thought affordability would be an issue.

Peter is 48 and his wife is 43. Because she is under 45, I couldn’t quote a whole of life assurance policy so we settled on a 30 year term policy instead because his children are still very young.

As Peter said, if his kids can’t afford to bury them in 30 years time then they’re in trouble!

Over to you…

If you’re

  • tired of struggling to understand funeral insurance
  • worried you’re going to put the wrong cover in place
  • fed up trying to make sense of different quotes

please give me a call on 05793 20836 or fill in the short form below and I’ll be right back to help you clear things up and help you put cover in place.

No pressure, no obligation to buy.

I’m here to help you decide on the best cover for you or your loved one.

Nick McGowan
lion.ie | making life insurance easier

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