Life insurance is a necessary purchase that gives you and your family peace of mind. There are many different types of payments that can be tailored to your needs and lifestyle.
Life insurance not only provides financial protection in the event of death, but is also a savings product whose benefits are becoming increasingly comprehensive and customizable. It is therefore not surprising that it is the third most common insurance after motor and home insurance Insurance coverage in Spain. The average profile of a person taking out life insurance is a married man aged between 35 and 44, but it is never too late or too early to take out a policy.
1. Arrange a mortgage to buy a house
In Spain, six out of ten houses are bought with a mortgage. In this case, it is advisable to take out life insurance, since in the event of death or permanent disability of the person who took out the mortgage, the insurer will take over the payments to the bank and relieve your partner or relatives from economic responsibility could be difficult to continue with it. In fact, it is a pre-condition with most banks as a guarantee prior to signing the mortgage. Until recently, banks conditioned their mortgage loans with a "covenant", Take out some related products such as life insurance. However, with the European Parliament's approval of the Mortgage Credit Directive, banks have been legally prohibited from linking a mortgage to the purchase of insurance for several years now. All you have to do is have your insurance company add a clause to your policy that states your lending bank is registered as a mortgage beneficiary. This way you comply with the bank's request, but also save money. You could even save a difference of 700 Euros, as the products offered by the bank can be up to 300% more expensive.
2. Start a family
Life insurance can also be a guarantee for those thinking about starting a family. It should be taken into account that raising a child in Spain can be expensive. It is estimated that in its first year of life, a baby can earn 14.266 euros and in the next two years 14.cost 056 euros. On average, in the first three years, a child can receive a monthly payout of 1.Make 183 euros, which is 80.78% of the average monthly net salary of an employee. It depends on the individual's standard of living, but before the child turns 18, the parents could have between 115.000 and 350.Have spent 000 euros. If at any time one of the parents dies, it will be difficult for the family to maintain the same rhythm of life. In these cases, although the personal loss will be irreplaceable, life insurance could guarantee the capital necessary to cover family expenses. With Liberty Seguros, beneficiaries receive double the sum insured, even if the insured dies in an accident with his spouse and has children under 18 years of age.
3. Protect your income level
Last year in Spain there were 3.796 serious accidents at work. Of which 618 had fatal consequences. Face the possibility of an on-the-job accident or an off-the-job accident that causes a permanent or temporary disability. So it's a good choice to protect your income level. This depends on each policy, but the insured may receive an advance payment of the contracted capital if he is temporarily or permanently incapacitated and therefore his income is affected as a result of an accident or illness. In fact, at Liberty Seguros, the insured receives the sum insured for death if he is diagnosed with one of the following serious diseases or requires one of the following operations: cancer, heart attack, cardiovascular accident, kidney failure, bypass surgery, paralysis and transplantation of vital organs, according to the conditions established in the specific terms of the policy.
With insurance, not only for life, but also for cars, private homes, businesses, tradesmen, funeral homes, etc. Liberty Seguros is now considered the expat insurance company of choice in Spain. Liberty Seguros has an extensive network of over 300 brokers and agents dedicated to providing unbiased, friendly and competent advice, because every home is different and such an important decision deserves a personal meeting with a professional insurance advisor in your own language to discuss the most suitable cover for you.