When it comes to funeral insurance contract, many sketch a grimace or look up to the sky. And for good reason: these contracts are often deemed too complex, especially because of their technical jargon and the multitude of options available. The terms used, as “guaranteed capital” or “temporary subscription”, are not always clearly explained. Also, the diversity of formulas and the lack of transparency on costs can be confusing, especially for people who are not familiar with this type of product. A reality that will soon be no longer.
Indeed, from July 1, 2025, a notable change will be set up for all funeral insurance contracts. They will be simplified to be clearer for the insured. Concretely, what will change? We asked Alain Roussel, provident director and borrower at Crédit Agricole Assurances. “The number of exclusions will be reduced, allowing customers to better understand what is covered by the contract. In addition, a standardized type document will be implemented, facilitating the comparison of offers between different contracts on the market”with “Tariff information, including the amount of contributions that the insured is likely to pay”he explained to us. The document in question will be made available to the general public on the sites of all insurers.
In addition, another novelty concerns the waiting period in funeral insurance contracts: it will now be limited to one year. This period is the period following the subscription of the contract during which the guarantees do not yet apply. “This measure aims to avoid situations where an insured, having taken out a funeral contract, could not benefit from the coverage in the event of premature death in the first years”, Alain Roussel specifies us. And “By limiting the period to one year, insurers are encouraged to better manage the risk, to offer more suitable products and to set up more transparent practices.” Everything that customers finally ask for!