What Types of Life Insurance Are Available for Expats in Spain?
Turner Insurance News • July 1, 2021
Spain’s agreeable climate and modern living environment make it a desirable destination for English expats. The relaxed pace and friendly vibe draw singles as well as families to its shores. It is important to continue to protect your family with the right life insurance coverage when you live abroad. Here are the types of life insurance available for expats in Spain:
Term Life Insurance
A term life insurance policy is the most common type of insurance chosen by expats in Spain. As its name implies, benefits for this type of policy are limited to a certain time period. The policy guarantees payment of the stated death benefit within a specified term limit. It can then be renewed once the term expires, usually yearly. This affordable insurance option offers annual premium payments and only gives a payout in the event of the policyholder’s death.
Whole Life Insurance
Whole life insurance in Spain may cost more for expats but, for many, the extra expense is worth it. This type of policy provides coverage and remains active for the rest of your life. Sometimes referred to as permanent life insurance, many of these policies also cover accidental death as well as disability from serious illness or an accident. Whole life insurance is a lifelong investment. It is ideal for those who prefer the no-fuss peace of mind of knowing their family will be taken care of after they are gone.
Life and Mortgage Protection Insurance
Life and mortgage protection in Spain is a smart choice for expats who own a home. It combines mortgage and life protection insurance so your remaining mortgage is paid off at the time of your death. Some of these policies are designed to adapt to decreases in the size of your mortgage to ensuring you don’t overpay. It is a good idea to talk to Spanish insurance specialists like Turner to determine the best life and mortgage insurance policy to fit your needs.
A life insurance policy is crucial to alleviating financial distress for your family at the time of your death. With the increasing costs of funeral services in Spain, many expats are choosing to add funeral insurance to their plans. These policies are specific to funeral expenses sparing your family that financial and emotional burden at a difficult time in their lives. Turner Insurance is one of the most trusted funeral insurance companies in Spain.
Turner Insurance Specialists offers friendly, comprehensive insurance services to UK expats living in Spain. Our knowledgeable team is happy to help you find the ideal insurance policies to give you the peace of mind you deserve. Contact us anytime for more information or with any questions you might have.