The Best Company Offering Life Insurance in Spain
What is life insurance in Spain? It is a contract with an insurance company to provide beneficiaries of the insured party with a lump-sum payment known as a death benefit. With a life insurance policy in Spain, you can protect your assets and make sure your next of kin is not left with incurring debt.
Life insurance can be a confusing subject for some, so we aim to try and explain what life insurance in Spain is, how theses policies can cover you and protect your assets and inheritance. Turner insurance are the life insurance specialists for long term life insurance.
Life insurance here is similar to the UK, an insurance policy on your life. In the event the unforeseen happens, the policy will pay out to your next of kin. This agreed amount for life insurance cover or life assurance cover, can serve to cover a loss of income for your spouse, to clear loans or debts, cover inheritance costs or just to make life easy for the beneficiary if something happened.
We can also offer to include a double or even the capital insured in the event of death by accident, death by road traffic accident, permanent invalidity for accidents or road traffic accidents.
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Long Term Life Insurance
A life insurance policy in Spain is not a funeral insurance policy. However, you can opt to increase the capital to also cover funeral costs.
We can issue new life insurance policies for clients up to 69 years of age. Consequently, the optional extras such as permanent invalidity or critical illness cover are only available up to 65 years of age.
However, we always recommend you specify a beneficiary in your life insurance in Spain, this will make the settlement of the policy much easier.
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Life Insurance Specialist: Mortgage Protection
Being one of the reputed life insurance companies in Spain, we can also issue a mortgage protection policy; this is basically a policy declaring a bank or financial entity as the main beneficiary. This means in the event of death, the insurer will contact the bank or financial entity and ask for confirmation of the balance owing on the loan or mortgage, the insurer will clear the debt and the balance is then passed on to the next of kin or other declared beneficiary.
Long Term Life Insurance: With a mortgage protection insurance policy, we can set up the policy with a decreasing capital, this means each year the insurer lowers the amount of capital you are insured for, as you have cleared part of your loan. Please click on this link below to read something more about life insurance in Spain.
LIFE INSURANCE SPAIN & INHERITANCE TAX
GET INSURED WITH THE LIFE INSURANCE SPECIALIST: INHERITANCE TAX
Although the rules and regulations on this can vary from year to year, also to make matters more complicated they vary from province to province in Spain, there is a national inheritance tax law stating 35% of all inheritance is taxable in Spain, unlike in the UK where the actual estate itself is taxed, as long as it is over a certain amount or tax free if it is under a certain amount. In Spain it is the actual beneficiary of the inheritance that pays inheritance tax.
Furthermore on top of this national inheritance tax laws the regional laws also apply. For example, in the Comunidad Valenciana (Castellon, Valencia and Alicante provinces) there is a tax exemption for inheritance tax for inheritance up to 100.000€, this is for the total value of the cash and assets received.
There are also strict rules concerning who you can leave your inheritance too. You cannot freely leave it all to your spouse if you have children. As this really is a complicated subject, we recommend you speak to a financial planning adviser or Gestor to assist you with this. You can also call us at 966 46 16 25 for quick advice on your matter.
Banks In Spain
MORTGAGES IN SPAIN AND THE LONG TERM LIFE INSURANCE POLICIES YOU NEED
Banks and Life Insurance Specialist
Also Banks in Spain make clients who take out a mortgage or loan, also take out a life insurance policy. This is considered an illegal practice. You are free to choose who you take out life insurance within Spain.
We have even heard stories of banks offering 5 or 10-year life insurance in Spain. Clients paying the entire premium for the full 5 or 10 year period. We strongly recommend you do not fall for this, if need be take out a life policy with them the first year. Then seek your own provider after that. Since all you need to do is give the bank 30 days cancellation notice before the renewal date.
If you want to know more about the long-term life insurance policy, please feel free to head over to our blog section and stay tuned to the latest informative posts surrounding these areas.
Life Insurance Companies: How do we compare?
Furthermore, unlike other life insurance companies and banks in Spain, our life insurance premiums are much more competitive. Do not overpay for the cover you need and do not let them bully you into staying with them. EU rules allow the client freedom of choice. Please contact us if you have any questions and our team of dedicated staff with help with your query.
Life insurance to Spain
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