How can life insurance help your family?

The death of a parent or partner can have significant financial consequences for the surviving dependants as it often means a sudden loss of income.

Loan balance insurance can help you cover your mortgage loan repayments. But what about all the other costs – short- and long-term ones? Life insurance provides a financial safety net for your loved ones.

1. Recurring bills and unexpected costs

With all your monthly payments, big and small, you might not be entirely aware of the exact amounts you spend on various items: energy bills, groceries, Internet, childcare, school trips, doctor’s visits, … the list goes on. On top of that, you’re sometimes hit with unexpected costs for maintenance or repairs to your car or your home. These expenses can quickly add up, even after a death.

The important question is: what will your family’s financial situation look like on a single income? Do you or does your partner make enough to cover all the current expenses?

At wit’s end and in despair. That’s how I feel after calculating my income after my husband died. I don’t understand – we had a healthy, stable financial situation. We lived comfortably but not lavishly, and we managed to put away some savings on a regular basis. So, now what? The way things are now, I can’t even cover the regular monthly expenses.

Miet Dapper

2. Getting through the first few months

Following their death, the deceased’s accounts and joint accounts are frozen. For married couples, the spouse’s personal accounts are also frozen – sometimes for up to several months. Not all families have the financial means to deal with the major impact this can have. Life insurance can help your family get through this uncertain period.

Accounts being frozen for three whole months, loss of income due to the coronavirus pandemic, no compensation whatsoever, and then having to tell your children in this time of grief that they can have cheese OR jam on their bread, but not both: that’s heartbreaking!

Evi Vanheel

3. Securing your children’s education

As your children grow up, your family’s expenses increase. The cost of sending your children to college or university can quickly add up. But even if your children enter the job market at an earlier age, they may still need some financial support during the first few years.

Life insurance can help you secure your children’s future after your or your partner’s death.

In 2022, the average cost of a student living in student digs is 15 346 euros, compared to 10 156 euros for a commuter student.

Belgian centre for budget advice and budget research (CEBUD)

Here’s a run-down of the benefits of life insurance

A financial safety net for your loved ones to cover

  • The first few months after a death if accounts are frozen
  • Your children’s education
  • Recurring and unexpected costs

Interested in taking out life insurance? Discuss your options with one of our insurance experts at a KBC Brussels branch, with your insurance agent or with a KBC Brussels employee in KBC Brussels Live.

If you visit our KBC Life Insurance page, you will find answers to some of the most frequently asked questions, such as:

  • What monthly premiums should I bear in mind?
  • What is the term of a life insurance policy?
  • What is the payout period in case of death?

What are the main exclusions?

No payment is made if the insured dies:

  • As the result of an act of violence, insofar as the insured voluntarily or actively participated in it
  • During active participation in events of war
  • Beyond the term of the insurance
  • By suicide during the first year of the contract. Euthanasia according to the legal provisions is, however, not an exclusion.

Good to know

  • KBC Life Insurance is a type of term insurance (class 21)
  • The term of the policy can be freely determined, but may not be less than one year
  • The latest possible end date of the contract is the 75th birthday of the insured
  • You decide on the amount to insure (the minimum amount is 5 000 euros)
  • You can pay a single premium or opt for payment of a monthly or annual risk premium. That means that the premium changes in line with the age of the insured
  • Medical acceptance depends on the insured death benefit and your age
  • KBC Life Insurance is governed by the laws of Belgium
  • Following a notification of death, your surviving dependants can seek the help of our Estates department
  • Individuals residing in Belgium pay an insurance tax of 2% on each additional amount deposited
  • In principle, inheritance tax is payable on KBC Life Insurance
  • The tax treatment can change and depends on your individual circumstances. Your Insurance Expert will be pleased to explain this to you in more detail.
  • Your intermediary is the first point of contact for any complaints you may have. If no agreement can be reached, please contact KBC Complaints Management, Brusselsesteenweg 100, 3000 Leuven,, tel. 016 43 25 94 (free of charge) or + 32 78 15 20 45 (charges apply), fax + 32 16 86 30 38. If you cannot find a suitable solution, you can contact the Belgian insurance industry’s ombudsman service: Ombudsman van de Verzekeringen, de Meeûssquare 35, 1000 Brussels,, This does not affect your legal rights.

Please go to a KBC branch, KBC Live or your insurance agent to get a KBC Life Insurance policy quote.

KBC Life Insurance is a product provided by KBC Insurance NV – Professor Roger Van Overstraetenplein 2 – 3000 Leuven – Belgium.
VAT BE 0403.552.563 – RLP Leuven – IBAN BE43 7300 0420 0601 – BIC KREDBEBB
Company licensed by the National Bank of Belgium, de Berlaimontlaan 14, 1000 Brussels, Belgium, for all classes of insurance under code 0014 (Royal Decree of 4 July 1979, Belgian Official Gazette of 14 July 1979).
Member of the KBC group

Read this information carefully before taking out this insurance

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