Protect your family from the financial consequences of your death
After someone passes away, a number of practical and financial matters have to be dealt with, such as the funeral or fixed costs that continue to run. That’s an additional concern for your loved ones at a time they could do without it. Having life insurance or funeral insurance, however, takes away that worry as you’ll provide for your next of kin by making money available to them to pay for urgent expenses or other expenses further down the line.
The differences between funeral insurance and life insurance
Funeral insurance
- You are covered for death as soon as you pay your first premium or make your single premium payment.
- The amount paid out is used primarily to cover the funeral expenses. If any money is left over, it goes to the estate.
Life insurance
- You are only covered during the term of your insurance, which expires if you outlive a certain age.
- Your loved ones decide where the money that’s paid out goes (like funeral expenses or financial support for the rest of their lives).
In 2022, 116 380 people died in Belgium. More than 1 in 7 were younger than 65.
Statbel
Funeral insurance: covering the cost of your funeral
Your funeral is one of the first things your next of kin have to arrange after your death.
A burial or cremation comes with a price tag that is often severely underestimated. It amounts to around 7 000 euros on average, but can be even higher depending on the wishes of the deceased.
Having funeral insurance ensures that your family or other relatives do not have to meet the high cost of your funeral.
Life insurance: protecting your family in the short and long term
A sudden death has many consequences for the bereaved, both practically and financially. An income is lost, but often one-off or recurring costs still have to be paid, such as inheritance tax, debts or energy bills. It is the responsibility of the family or other relatives of the deceased to pay them.
Fortunately they are spared this concern when life insurance is in place. If the person insured dies as a result of an accident or illness, this insurance pays out a benefit and the next of kin decide how that money should be used. They can put it towards covering costs in the period after death, but also towards maintaining their standard of living in the longer term.
Check out your insurance cover
Life insurance
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 governed by the laws of Belgium.
- KBC Life Insurance is a type of term insurance (class 21)
- Following a notification of death, your surviving dependants can seek the help of our Estates department
- In principle, inheritance tax is payable on KBC Life Insurance
- The tax treatment can change and depends on your individual circumstances. Your Insurance Expert wall 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, complaints@kbc.be, tel. 016 43 25 94 (free of charge), tel. + 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: de Meeûssquare 35, 1000 Brussels, info@ombudsman-insurance.be, www.ombudsman-insurance.be.
This does not affect your legal rights.
Please go to a KBC Brussels branch, get in touch with KBC Brussels Live or contact your insurance agent to get a KBC Life Insurance quote.
KBC Life Insurance is a product of 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 authorised for all classes of insurance under code 0014 (Royal Decree of 4 July 1979; Belgian Official Gazette, 14 July 1979) by the National Bank of Belgium, De Berlaimontlaan 14, 1000 Brussels, Belgium.
Member of the KBC group
Read this information carefully before taking out this insurance
Funeral insurance
What are the main exclusions?
As with any insurance, exclusions apply. These include the following:
- Death of the insured by suicide in the first year of the contract (euthanasia according to the legal provisions is, however, not an exclusion)
- Death of the insured as a consequence of an act of violence or active participation in events of war
You can find a complete list of exclusions in the general conditions.
Good to know
- KBC Funeral Insurance is governed by the laws of Belgium.
- Future tax treatment can change and depends on your individual circumstances. Your KBC Insurance intermediary will be happy to give you bespoke advice in this respect.
- Term: life-long. The sum insured will be paid out when the insured dies, regardless of when this occurs.
- KBC Funeral Insurance is subject to medical acceptance on the basis of a short medical statement. The insured must be younger than 76 years of age at the time the insurance is taken out.
- Your intermediary is the first point of contact for any complaints you may have. If no agreement can be reached, you can contact KBC Complaints Management by post at Brusselsesteenweg 100, 3000 Leuven, by e-mail at complaints@kbc.be, by telephone on tel. 016 43 25 94. 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, info@ombudsman-insurance.be, www.ombudsman-insurance.be.
This does not affect your legal rights. Contact your KBC Insurance intermediary to request a quote for KBC Funeral Insurance. - KBC Funeral Insurance is a guaranteed-interest (class 21) life insurance product.
KBC Funeral Insurance is a product from KBC Insurance – 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.