Life Insurance in Spain in English for Expats.

LIFE INSURANCE FOR EXPATS LIVING IN SPAIN

EXPAT LIFE INSURANCE IN SPAIN AND EUROPE

Insuring your life in Spain.

www.insuranceinspain.com considers life insurance in Spain to be an absolute essential necessity to protect you and your loved ones should something happen to you.If you already have life insurance cover from the UK or other countries outside of Spain it is worth checking that they actually do cover you in the event of death outside of the United Kingdom - as many do not.

Life insurance in Spain, for Expats, is a very personal subject. We would recommend that you contact us directly on 0034 965 27 57 27 to discuss your requirements or to make an appointment with one of our life insurance specialists or contact us online. 

Cheap life insurance for the over 50's.

In the past most people seeking life insurance have insured themselves, whereas today, we recommend that if you have a Partner or Spouse it is more advisable for them to take out a policy on each other. The reason for this is quite simply that if you were to die and have a life insurance policy on yourself, the proceeds form part of your Estate. It would then be held in probate until all of your affairs are sorted out, be liable for tax etc. If you have a policy on each other, the policyholder, in this case the person who is the beneficiary of the life insurance premium, would receive payment directly and the life insurance would not be subject to the Spanish probate system. 

Advantages of your life insurance

            Life insurance ensures greater peace of mind for you and your loved ones.
            Liberty Life integrates a full range of coverage so that no matter what happens, you and your loved ones will be completely protected. 

Plus all these benefits

            With Liberty Life insurance you will enjoy protection against:
            Risk of accidents, including transport or travel.
            Disability.
            Damage due to pollution risks.
            Serious illness.
            Death.

Optional Cover

            Additional cover in case of Death by accident.
            Additional cover in case of Death by traffic accident.
            Total and permanent disability.
            Additional cover in case of Total and Permanent Disability by accident.
            Additional cover in case of Total Disability by traffic accident.
            Serious Illness.

www.insuranceinspain.com are happy to discuss any requirements for your life insurance and will advise you totally free of charge and will not place any obligation on you to buy from us. Please feel free to contact us online, by phone, email or on our online chat service. 

Come to us for life insurance in Spain as we can guarantee a personal, independent and completely confidential service to you and your family. We offer comprehensive life cover to all Expats and family members living in Spain.

Life Insurance is also commonly referred to as Life Assurance and it is a subject that most people just do not want to discuss or talk about. It is inevitable that we are all going to die at some point, preferably of old age, but we do need to make some contingencies in the event that the worst should happen.  By doing so, we are unselfishly thinking of others, making preparations that will ease any burden on your family finances in the event of your death in Spain.

Life insurance policies from your Bank.

Life insurance in Spain is not compulsory by law. It is often a requisite for bank loans and or mortgages from Spanish and International Banks to qualify for the mortgage or bank loan to protect their own interests. Life insurance policies with local banks do tend to be considerably more expensive as they are aware that you need a mortgage or loan from them and that they can make it a requirement of the mortgage and therefore can charge you more. Don´t be fooled by the Banks, it is not a law and it is not compulsory for you to take out their life insurance.  Save yourself some money and shop around. Call us, we are happy to provide you with a quote without obligation.

Most life insurance products are dependent on age, Liberty Seguros will offer life insurance for persons up to the age of 70 and will continue that policy up to a maximum age of 80. Premiums may also depend on the amount of cover required and your medical history. They may also request a medical examination.  If a medical examination or medical report are required the costs of the examination or the medical report will be paid for by the Insurer.

Some policies have a time scale of one or two years as a specific exclusion for suicide to ensure that the life insurance policy is not being specifically taken out to cover that eventuality.

In Spain life insurance is known as Seguro de Vida and in return for the premiums you pay, upon your death, the insurer guarantees to pay your beneficiaries an agreed lump sum. The sum paid to the beneficiaries can be used for any purpose and is not subject to inheritance tax if set up correctly.  Please contact us for more details.

What and how you cover yourself for life insurance is of vital importance. The cheapest life insurance policy might save you some money in the short term but is not likely to provide adequate cover for you in the long term.  Our life insurance specialist will go through the policy in great detail and explain in easy to understand terms (no technical jargon unless you want some) so that you know exactly what you are being covered for and how much you will get in the event of your death.

Why is Life Insurance so important in Spain?

Unless you are retired with a large pension, have your house paid for, have no debts and are totally self-sufficient financially, have no family or relatives to support, then you do need life insurance. It may be cheaper to live in Spain than in the United Kingdom, but everyday expenses are increasing. There is always an expense to life and protecting yours and others around you will give you that peace of mind.

Many Expats in Spain find it difficult to find local jobs, or any jobs, due to language or the fact that they may be very low paid and working hours are often very long.  As a result, many will start their own businesses, earning meagre wages to get the business going. Earning to support a family is tough and many businesses fail. In the event of death with no life insurance, could the business continue to operate and support the family in the future?  It makes sense to have a life insurance policy in place.

Protecting one’s assets, in this case, you and your family is the top priority.

The Main benefits of Life Insurance - 

 Life insurance is there to provide funds for your family or relatives in the event of your death. These funds can help pay off any debts, mortgages, medical bills, credit cards, loans and any other out goings that you may have during the course of your work or retirement.

Your family may not have the same working skills, capabilities or qualifications to continue to provide the same or similar support to the remaining family whilst living in Spain. Would this then mean that they would have to return to their home country if you were not here to support them?

Types of Life Insurance

Term insurance 

This the most common type of life insurance in Spain. As the name suggests, this is a period of time that the Life insurance needs to run and the period of time the protection is required. In the event of a fifteen year mortgage, you may wish to contract a fifteen year term insurance to protect you during that period.  These are the cheapest form of life insurance cover. You pay an annual premium and they will only pay out in the event of your death during the contracted period. At the end of that period, no refunds or return of premiums are available as they have covered you for the premium paid.

Whole of life insurance

Often termed permanent life insurance, it is a life insurance policy that continues for your entire life in the knowledge that at some point you will die and the Life Insurance Company will pay out.  As they know that you will die at some point and that they will have to pay out, the premiums are higher.  This is a major, long term financial commitment and it is important to remember that you are committed to paying the premiums for life, otherwise the policy will lapse and you will no longer be on cover.

Main cover

• Accidental death
• Death due to a road traffic accident
• Permanent total disability for all types of work
• Disability due to an accident
• Disability due to a road traffic accident
• Serious illness

Exclusions to life insurance policies

Be careful not to nullify your policy. If you have committed to paying large premiums to a life insurance policy make sure you can afford them.

At www.insuranceinspain.com our financial consultants can advise you on this. Your policy can be nullified if you commit suicide, make false or exaggerated claims, or lie on the application form or falsify any documents.

Life and Mortgage protection insurance

Life and Mortgage protection Insurance in Spain is especially suitable for anyone that has economically dependent relatives, family, partner, children, parents and those with disabilities that may require care when you die.

Liberty Seguros life insurance products aim to give all members of the family peace of mind as well as the beneficiaries. Where outstanding mortgages and tax implications with inheritance tax are complex in Spain, a simple life insurance policy, which can cover any debts and outstanding’s, has got to be considered an essential when living in Spain.

Funeral costs

Funeral costs are rising all over the world and Spain is no exception.  Funeral plans are available as a separate entity and are very easy to arrange. No medical or age related questions. You pay the premium, depending on the type of funeral plan, and your then covered.  www.insuranceinspain.com  do provide separate policies for funeral costs. These plans range from the basic burial only to the fully comprehensive ‘ return to home` plans.

Personal accident and injury insurance

iYou can also protect yourself with personal accident and injury insurance and is available as a cheap annual policy that will protect you against accidents and injuries at home, in the workplace and out and about. Have a look at the details here.

The technical stuff and/or small print.

This technical blurb and so called small print is from the policy documentation provided by Liberty Seguros as part of their life insurance quotes. For those of you that like to read this stuff, as we do, this is what you will get attached to any life insurance quotation from Liberty Seguros life insurance quotes. Whilst we take every precaution to provide you with up to date information without errors or omissions we cannot be held responsible for any errors or omissions that may occur in providing this information, as this information is only a guideline, to you. It is always best to contact us directly, for up to do, validated information

Description of Cover. (Basic life insurance)

Sum Insured for death:

This is the sum insured that Liberty Seguros will pay the insured if the insured dies during the period of insurance.

Below are optional additional insurance covers that can be added to the basic life insurance policy & will incur an additional premium. 

Example.

If you contract life insurance and you die in a car accident your beneficiaries will be paid the amount of the life insurance contracted. If you were to add the specific cover for death due to a road traffic accident, which will increase your premium, your beneficiaries will be paid for the life insurance amount and the additional sum insured for death by road traffic accident. 

Sum insured for permanent total disability:

This is the sum insured that Liberty Seguros will pay the insured if he/she becomes disabled from performing all types of work during the period of the insurance, whereupon the insurance contract is cancelled. 

Additional Sum insured for accidental death:

If the insured dies due to an accident during the period of insurance, the beneficiaries will receive the sum insured in addition to the sum insured for death equal to the amount established in the policy for this additional sum insured. 

Additional sum insured for death due to a road traffic accident:

If the insured dies due to a road traffic accident during the period of insurance, the beneficiaries will receive a second sum insured in addition to the sum insured for death, equal to the amount established in the policy for this additional sum insured. 

Additional sum insured for permanent total disability due to an accident:

If the insured becomes disabled from performing all types of work due to an accident during the period of insurance, he/she will receive a sum insured in addition to the sum insured for total disability equal to the amount established in the policy for this additional sum insured. 

Additional sum insured for total disability due to a road traffic accident:

If the insured becomes disabled from performing all types of work due to a road traffic accident during the period of insurance, he/she will receive a second sum insured in addition to the sum insured for permanent total disability equal to the amount established in the policy for this additional sum insured. 

Sum insured if both partners death is due to an accident:

If the insured person and his/her spouse die in the same accident, during the term of the insurance, the insurers have to pay a sum equal to the sum insured in the case of the death of the insured, only if they have children , including those adopted, under 18 years of age and/or are suffering from permanent total disability. 

Sum insured for serious illness:

If the insured is diagnosed with one of the following serious illnesses or requires one of the following operations :- cancer, heart attack, cardiovascular accident, kidney failure, bypass surgery, paralysis or transplant of vital organs, he/she will receive a sum insured, whereupon the main cover will remain in effect and all additional cover will be cancelled. The death cover will remain in effect for any reason with a reduced sum insured, having deducted the amount paid for the serious illnesses.

Sum insured for serious female illnesses:

If the insured is diagnosed with one of the following serious life threatening illnesses:- breast cancer, uterine cancer, cervical cancer, vulvar cancer, vaginal cancer,ovarian cancer, fallopian tube cancer, she will receive a sum insured while all additional contracted cover will be cancelled and the policy main cover will remain in effect. The death cover will remain in effect with the reduced sum insured, having deducted the amount that was paid for the serious female illness. 

Sum insured for occupational disability:

Liberty Seguros  will pay the insured a sum insured if he/she becomes completely disabled from performing his/her regular occupation or any other similar occupation during the insurance period, at which point the insurance contract will be cancelled. 

Repatriation cover:

In the event the insured dies, Liberty Seguros will take care of the arrangements and bear the costs of transporting the corpse of the insured from the place of death to the burial site chosen by the beneficiaries. There are no restrictions if the burial site is within Spain. If the burial site is outside Spain, the policy will cover transport of the corpse to the nearest international airport (with no cost restrictions) and up to a maximum of 1000.00€ in associated expenses when transporting the corpse from there to the burial site.