Why should you get Life Insurance in Tenerife?
To pay off your mortgage should you die. You want to make sure your dependents are looked after financially if they are dependent on your income. Up to €3,000 will be paid immediately upon presenting a death certificate for funeral costs.
How much will it cost me to get Life Insurance?
You could get a policy which will just cover your Funeral Costs of €6,000 plus Repatriation for just €31,00 a year! This is based on the applicant being between 30 and 40 years old.
If your family depend on you for your income and you want to cover the remaining amount on your mortgage, to cover €250,000 if you are 50 years old, the annual quote would be around €950.
Here's a more detailed breakdown of Life Insurance costs:
|Cover Required (Euros)
|30 year olds
|40 year olds
|50 year olds
|60 year olds
|65 year olds
NB. The quotes above were caculated in June 2016 and are based on a male individual who has a low risk job, plays no dangerous sports, has no serious existing health conditions and doesn't drive a motorbike.
What do I need to get Life Insurance in Spain?
You can be a resident of any EU country as long as you hold an NIE number.
What will my Life Insurance cover me for?
Death of person insured caused by accident, traffic accident or critical illness AND incapacity due to disability caused by accident, traffic accident or critical illness.
Bonus features for Liberty Seguros Life Insurance
Should both partners die at the same time, the payout is doubled.
10% of the insured capital will be paid immediately to cover funeral costs up to 3,000 Euros.
Includes Repatriation to country of your choice.
Optional: Inheritance Costs Insurance
You may also be interested in our Inheritance Legal & Tax Costs Insurance. TIBC are able to calculate what your beneficiaries will have to pay in order to inherit your Spanish assets. We suggest you contact us to find out more or fill out our Online Insurance Application form.