How can you switch to a different funeral insurance policy?

To switch to a different funeral insurance policy, you should first review the impact this will have on your current policy. Then, compare different insurance options to find one that suits your needs. Once you have chosen a new policy and it has taken effect, you can cancel your existing insurance.

What happens if I cancel my funeral insurance?

As soon as you cancel your insurance, you will no longer be covered. Therefore, it’s important to proceed carefully and only cancel once you are certain your new policy is in place. This helps you avoid any unexpected gaps in coverage. If your policy has a surrender value, it will be paid out. If not, the accumulated value and any rights to services from the insurer will be forfeited.

Can you switch funeral insurance at a later age?

Yes, it is possible to switch funeral insurance at a later age. However, premiums are usually higher due to your age. In addition, medical underwriting may apply and should be taken into consideration.

Switching Funeral Insurance: A Complete Overview

Q: What is the surrender value of a funeral insurance policy?

The surrender value is the cash value of your policy at the time you cancel it. This amount is reduced by any costs incurred by the insurer and reserved risk premiums. In most cases, the surrender value is lower than the total amount of premiums paid.

Thinking about switching your funeral insurance? Learn how the process works, what it costs, and what to watch out for before making the change.

Let's be honest: funeral insurance is something you'd prefer to arrange once and never have to think about again. Yet it can happen that your situation changes. It's then useful to know how switching funeral insurance can be done.

With health insurance, you can effortlessly switch every year, but with funeral insurance, things work a bit differently. In this article, we therefore explain the process of switching funeral insurance. We're happy to help you on your way, so you can make a choice that truly suits you with peace of mind.

The basics of funeral insurance in the Netherlands

Before you can actually start looking at how to change your funeral insurance, it's first good to know what funeral insurance exactly entails. If we look at the basics of this insurance, you'll come across three main forms:

The in-kind policy (services): with this policy, you purchase the right to a package of services from a specific funeral care provider.
The capital policy (money): with this policy, a sum is paid out with which the surviving relatives can finance the funeral themselves.
The combination policy: this policy essentially does both of the above-mentioned options.

These three types should be taken into account when switching funeral insurance. That way, you know where you stand.

Can you switch funeral insurance?

Many Dutch people think they can no longer switch funeral insurance. You can switch, but it is more difficult than, for example, with health insurance.

In reality, with funeral insurance you don't directly switch, but you terminate the old policy by taking out a new policy with a different insurer. This is because there is no central system that can transfer the value from one insurer to another without costs or conditions being attached to it.

The older you get, the higher the premium

Insuring a funeral is primarily based on statistics about life expectancy. This means that the older you get, the higher the premium becomes when you want to take out a new funeral insurance policy. Therefore, it's wise to take out funeral insurance at a young age.

When you're 20 and you've taken out insurance, you pay a much lower premium than when you start at 50.

This is the reason a thorough calculation is made of the total costs over the remaining life expectancy. Your medical history is also taken into account here.

The procedure: switching to a different funeral insurance

Have you made the decision and do you want to switch? Then this step-by-step plan helps you not to overlook anything when looking for a new insurance.

First, it's good to dive into the paperwork. Because what is your policy actually worth? Once you know this, it gives you a basis for the next choice. You're going to look at whether the policy can be surrendered or whether it can be made premium-free instead. Only then can you look at a new provider.

Please note: make sure you have acceptance from the new insurer before you cancel your old policy. That way, you prevent being temporarily uninsured.

Comparing funeral insurance policies

At the moment you want to switch funeral insurance, it's wise to use a comparison website. Nobody wants to spend hours searching. By using Eindstation.nl as a comparison website, you have an overview of the entire market.

Medical acceptance with a new insurer

Something you should always take into account when switching to a new funeral insurance is the medical acceptance. When you want to take out a new policy, an insurer asks you health questions. Keep in mind that a new insurer looks more critically at your health as you get older. This can affect your premium.

Financial consequences of switching

There can be financial consequences associated with switching funeral insurance. With a funeral policy, you often build up a reserve. When you then terminate a policy early, this reserve is not always fully carried over.

This can result in administrative costs, and the risk premiums that were paid in the first years of the term are often deducted from the value. This holds people back from switching insurance.

What is the surrender value of a funeral insurance policy?

With funeral insurance, you sometimes hear about a possible surrender value. This is the amount the insurer pays out when the insurance is fully terminated. It's important to keep in mind that the surrender value is always lower than the sum of all premiums paid.

Additionally, there are many in-kind insurers that don't pay any surrender value at all. They only offer services. In this case, the policy can usually only be made premium-free. The value remains until the moment someone passes away, but no premium is owed anymore.

Specific situations with major insurers

The Netherlands has a number of major players within the funeral insurance world. The conditions for switching can differ per company. It's therefore always good to look into this.

Switching DELA funeral insurance

A DELA funeral insurance policy is one of the best-known options in the Netherlands. DELA primarily works with an in-kind system. When you want to terminate the policy to take out funeral insurance elsewhere, the surrender value is often very limited. Sometimes not even present at all in the form of money.

DELA often does offer customers the option to keep the policy premium-free. That way, you can still partially retain the accrued rights for the funeral insurance in the future.

Univé funeral insurance and other companies

It's good to know that parties like Univé don't offer their own funeral insurance. The Univé funeral insurance you see on their website is a promotion of the funeral care provider Monuta.

In these kinds of cases, it's always important to compare insurance policies with each other and to see which funeral insurance best suits you when switching.

Conclusion

Switching funeral insurance is certainly possible, but it does require your attention. Take the time to compare your current policy and the new options side by side. After all, it's about your peace of mind and that of your loved ones.

Don't know which insurer to switch to? Then read our information pages about Dutch insurers:

Switching Funeral Insurance: How Does the Process Work?