An old Anglo-Saxon proverb says that nothing can be taken for granted in this life except death and taxes. Neither the first nor the second are usually topics that people like to talk about, but the reality is that both are there. That is why it is important to bear in mind that death insurance can lend a hand when the grim reaper crosses the road and when it comes to managing a will. All Saints’ Day serves as an excuse to talk a little about this insurance. Insurance that, incidentally, does not exist in almost any other country in Europe but that in Spain accumulates a tradition of more than a century and a half.
- Much more than funeral care
Valuing the funeral insurance service is easy: its turnover in 2020 amounted to 2,100 million euros. But, in reality, its value goes much further. His great contribution is the provision of a comprehensive service at a particularly complex time for families. The expansion of coverage that has been given in this insurance in recent years means that accompanying the family goes much further than managing and paying for the burial. This insurance can help with issues such as psychological care for family members, probate or final management of the digital life of the deceased, among other issues.
- More than half of the population has it contracted
One of the things that stands out the most about death insurance is its capillarity. It is one of the most extensive insurances in Spain. Almost half of the country’s inhabitants are protected by one of these policies. In fact, it is very possible that you are one of them. A good part of the death insurance is of a family nature. Thus, perhaps one of your relatives has contracted one and you are among the insured.
Spaniards who have funeral insurance are under 40 years of age
- 1 in 3 insured persons is under 40 years of age
Another feature of funeral insurance is the robot portrait of its policyholders. Are they all older people who sense the end of their days? Absolutely. One in three clients is under 40 years of age. And how is this possible? Due to the family nature of this product.
Death insurance is paid in a third of Spanish households with large families and minor children. The same occurs in one out of every four households where a couple lives with a child or adolescent. It is a myth to consider that death insurance is a product intended exclusively for the senior cohorts of the population.
- Cádiz, the place where people are hired the most
Finally, a geographical note. The province of Spain where death insurance has a greater presence in relative terms is Cádiz. Up to 80% of the people of Cadiz have their burial insured! And beware, Cádiz is not among the oldest provinces in Spain.
Other places where death insurance is very popular are Avila, Badajoz, Ciudad Real, Cáceres, Huelva and Jaén. The key to hiring funeral insurance resides in social and cultural factors. In short: in custom.