Funeral expense insurance runs for decades – and the world changes along the way. A quarter of an hour each year makes sure the policy keeps doing what it was taken out to do, all the way through.
- The anniversary is the natural moment: this is when the notice arrives, and when you decide on indexation.
- The four main points: sum insured, beneficiary, personal details, and the arrangement of premium payment.
- For a major life change (divorce, a death, moving house), don't wait for the anniversary.
Why does it need checking at all?
Because three things can quietly shift: prices (the sum insured can lose value), the family (the beneficiary designation can become outdated), and your details (address, contact information, bank account). None of these is dramatic on its own – but each would come to light at precisely the moment it's least convenient. The annual quarter-hour heads this off.
The four anniversary points
Sum insured: does it still track the real cost of a farewell – the indexation offer is worth deciding on at this point, not declining automatically. Beneficiary: is the designation still current, is the named person still alive, and reachable. Details: address, phone number, email – the insurer and the broker can only help if they can reach you. Premium payment: are payments going through smoothly, and is the frequency and method still right. The tick-box version: our annual checklist.
When is it not worth waiting for the anniversary?
On divorce and when family circumstances are reordered (the designation!); on the death of the beneficiary; when moving house or changing your name or bank account; and when paying the premium becomes persistently difficult – in this last case, time genuinely matters, because the range of options narrows. In these cases, a short call is enough: changes can typically be handled with a simple written declaration.
How does the broker help?
If you let me know before the renewal date, I carry out the annual review: I check the sum insured, the designation, and your details – and if the market has meanwhile changed in a way that affects your situation, I mention that too. It is also worth occasionally asking for a review of an existing policy taken out elsewhere: our article on policy reviews covers this.
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