Caser insurance to cover funeral expenses

They say that the only certain things in this life are death and taxes. While you can plan for taxes, death is unfortunately an event that is difficult to plan for, and often hard to imagine planning for in its own right. And when you’re grieving the loss of a loved one, the last thing you want to be thinking about are the costs to prepare and bury a loved one, and potentially repatriate that loved one’s body.

Many expats consider taking out a policy with insurance to cover funeral expenses. Should you? What are the benefits and costs of funeral or end of life insurance policies? What does Caser’s insurance to cover funeral expenses include?

What is Caser insurance to cover funeral expenses?

Caser’s comprehensive expatriate funeral insurance coverage will take care of you and your loved ones when you no longer can. By planning for the future, you can ultimately save on expected costs of burial and associated costs, as the insurer agrees to cover the insured party’s funeral and other related expenses – these could be the wake, burial fees, cremation costs or other.

Typically, a policyholder will make monthly premium payments toward a future date. 

Benefits of Caser Expat Insurance

Founded more than 75 years ago, Caser is one of Spain’s leading insurers and offers coverage in health and dental, automotive, home, pet and funeral insurances. Part of the Helvetia global network, their team works to ensure top-notch products and coverage to more than 2.2 million policy takers.

When it comes to funeral insurance, Caser Expat Insurance offers numerous benefits:

1. Funeral services

   Mortuary services within Spain, plus the transfer of the deceased within Spain to the burial or cremation site. The deceased party and his or her family are free to choose where the mortuary services are performed with no limitations, other than the site must be within Spanish territory.

   Should the family of the deceased wish to conduct the funeral service outside of Spain, the policy will cover mortuary services in Spain, plus the international transfer.

   The policy also includes mortuary services for the children of an insured woman if a death were to occur during pregnancy of within the first 30 days following birth; applicable only in Spain.

2. Repatriation and/or Transfer Assistance

   Caser Expat Insurance will provide transfer of mortal remains to the site of burial or cremation, including if the site chosen is outside of Spanish territory.

   Family members of the deceased are also eligible for a return, tourist class flight to accompany the body; other expenses incurred are not reimbursed.

3. Legal guidance

   Though not considered a definitive legal opinion, Caser’s funeral insurance will guide you in any administrative, penal or civil procedures that you may need to perform. What’s more, they have a team who speaks many languages, so you will feel comfortable communicating.

   Further, any remaining balance on expenses on mortuary and burial services, so long as this has taken place in Spain or the country of origin as established by the policy and contract conditions, will be paid out to beneficiaries.

Is anything excluded from the Caser Expat insurance coverage?

A few elements are not guaranteed nor insured by Caser’s policy, including:

• Costs associated with victims who die during a catastrophe, as declared by the Spanish government, are not eligible (i.e., war, revolution, mutinies and epidemics);

• Transfer assistance to those not residing in Spanish territory;

• Those residing in Spanish territory (90 consecutive days or more) whose death occurs abroad.

What is the cost of Caser Expat funeral insurance?

As stated previously, insurance plans will allow you to make monthly contributions toward the cost of funeral and burial or cremation expenses. In Caser Expat Insurance’s case, the premium is calculated first at the time of contracting the service and during subsequent renewals.

The premium is calculated by considering two important models and price calculations:

Transfer assistance and legal orientation: this is a fixed amount that does not take into consideration gender, age, country of origin, and it is a variable rate due to consumer price indexing points and based on the costs derived from mortal remains transfer. That said, the price does not vary considerably, year over year.

Defunction and/or repatriation: this amount does take into consideration age and the value of mortuary services in the country of origin. Age will determine your likelihood of mortality; the older the insured party, the greater the risk of defunction and thus the higher cost. As this is sliding, the calculation is done by a rate according to the insured party’s age and is thus considered a “natural premium”; once the insured party is over the age of 76 age the probability of defunction is higher, the premium calculation is considered “levelled.”

For instance, someone like me, in her late 30s, will pay a rate of 2.741 percent. My mother, in her mid-60s, would pay 22.597 percent, as her risk of natural death is certainly much higher than mine. My father, who recently passed 70, is up to 33.114 percent; when he turns 76, his rates will jump to 132.96 percent because he is considered elderly. Thus, younger policy holders pay less at first. One benefit to the premium after 76 is that the rate remains the same, and the only cost variation depending on the CPI.

Keep in mind that Spain’s average life expectancy across genders is 82,3 years (2020, source here).

As Caser Expat Insurance states, the evolution of costs of mortuary services is beyond their control. For this reason, calculating precise costs can be tricky. For this reason, it’s advisable to visit Caser Expat Insurance’s cost calculator to input your data, such as birthdate, country of origin and NIE number, plus any additional members you’d like to include in the insurance policy. In less than one minute, you’ll get the calculated price and payment options. 

How can I contract?

You can contract this sort of insurance for yourself or a loved one as an insured party.

Policies are typically taken out in a yearly plan, with automatic renewals scheduled unless you cancel your plan one month prior or need to use the services in the case of defunction. You can contract the policy by visiting Caser Expat Insurance’s website or by calling us at +34 91 055 16 56.