LIFE INSURANCE

Spanish life insurance policies (seguro de vida) ensure that in the case of you passing-away your family will be provided for. The insurance company will give them economic help so that they will be able to continue paying living costs such as Spanish mortgage or college fees, while maintaining their current lifestyle.

The life insurance also pays the funeral costs, taxes and outstanding debts, such as medical costs that the health insurance does not cover.

The person whose life is insured is generally called the "insured" while the person that is named in the policy to benefit from the death of the insured is called the "beneficiary". The beneficiaries will not have to wait for the estate partition in order to perceive the indemnity because the policy contains their identity.

You can contract a life insurance as an "individual policy", in this case only one person is covered by the policy, or as a "family policy" if you want to insure for example yourself and your spouse. If you undertake a "family policy" it is possible to get a discount.

When you are applying for Life Insurance, the insurance company will normally ask you for to undertake a medical exam. It is possible that the insurer excludes certain coverage, such as the coverage of death by suicide.

Go back to "Insurances"