Help & Advice from Beneficial Insurance

Living in Spain is a dream come true for many. The vibrant culture, beautiful landscapes, and excellent quality of life make it a prime destination for both locals and expatriates. However, amidst enjoying the Spanish way of life, it’s crucial to plan for the future. One significant aspect of future planning is securing life insurance. Here are compelling reasons why having life insurance in Spain is a wise decision: 

Financial Security for Your Loved Ones 

The primary purpose of life insurance is to provide financial protection to your beneficiaries in the event of your untimely demise. This financial support can be crucial in covering everyday expenses, paying off debts, or funding your children’s education. In Spain, where the cost of living can vary significantly between regions, having a safety net ensures your loved ones can maintain their standard of living without financial strain. 

Coverage of Funeral Costs 

Funeral expenses in Spain can be surprisingly high, often ranging from €4,000 to €6,000. Life insurance can help cover these costs, sparing your family from having to bear the financial burden during an already difficult time. With life insurance at Beneficial Insurance, we include repatriation cover, which does offer an element of funeral cost cover. If you pass away in Spain, and require the repatriation of your body back to your home country, we do cover this AND we provide up to 5,000€ up front payment to the funeral directors. 

Mortgage Protection

For many residents and expats in Spain, owning a home is a significant achievement, often accompanied by a mortgage. Life insurance can ensure that in the event of your death, the mortgage is paid off, preventing your family from potentially losing their home. Mortgage life insurance policies are specifically designed to cover the remaining balance of your mortgage, providing targeted financial protection. If you currently hold life insurance with the bank, their costs are significantly higher that the price we can offer. Call us now and get a comparison quote, we are sometime half the cost of the price you will be paying with your bank insurance!!

Tailored Policies to Meet Your Needs - The Spanish insurance market provides a diverse range of life insurance policies designed to meet various needs and budgets. Some examples include: 
Variable Rate: This policy starts with low premiums that increase annually as the risk (such as your age) rises. 
Fixed Premium for 10 Years: A newer option in Spain, this policy begins at a slightly higher rate but remains constant for 10 years. After this period, the premium is reset for another 10 years without requiring a medical examination. This feature simplifies budgeting for a life insurance policy. 
Below is a table of a few examples of what you could be paying.

Additional Covers

You can choose to add on additional covers, such as permanent disability, or critical illness cover. If you are diagnosed with a severe illness, the coverage will provide a lump sum payout or regular income to help cover medical expenses, ensuring that you receive the best possible care without depleting your savings. 

Conclusion 

While it’s natural to hope for a long and healthy life, being prepared for any eventuality is essential. Life insurance in Spain provides a robust safety net that ensures your loved ones are protected financially, no matter what happens.
Take the time to explore the different life insurance options available in Spain and choose a policy that aligns with your needs and those of your family. By doing so, you can enjoy the vibrant Spanish lifestyle with the assurance that your loved ones’ future is secure. 

Here at Beneficial Insurance, we can tailor make a policy to suit your needs and requirements. Call the office to receive a non-obligatory quotation, in order for you to make an informed decision. You will be surprised, as the cost may not be as high as you initially thought?