Life Insurance in Spain

What life insurance is for

Life insurance is designed to provide financial support to the people you choose (your beneficiaries) if you pass away during the term of the policy. Many residents in Spain also take out life insurance as part of a mortgage arrangement.

Common types of cover

• Term life insurance — cover for a set number of years, often linked to a mortgage or family circumstances.
• Whole-of-life insurance — cover intended to last for your entire life, subject to the policy terms.

What can affect your quotation

Typical factors include your age, health, occupation, lifestyle, and the amount of cover you’re looking for, as well as how long you’d like the policy to run.

Who it’s usually relevant for

Life insurance is often considered by people with a mortgage, a partner, children, or other dependants who would be financially affected by their absence.

Coverage, exclusions, limits and price depend on the policy and your individual circumstances. Final terms are confirmed before you take out any policy.