Living in Andalucía - Life Insurance

Life Insurance

A variety of Spanish life insurance policies will ensure that should you die, your family will be provided for.

These policies are either offered as "individual policies" - if they are taken out on only one member of the family - or "family policies" - if they are taken out on both yourself and your spouse, for instance. You may be able to obtain a discount for purchasing a family policy.

It is common practice for Spanish banks offering mortgages to require you sign a life insurance policy that will guarantee full payment of your home should the principle wage-earner die or be unable to work, for whatever reason. These policies differ from conventional policies in that, rather than pay out a sum to survivors, money is directly paid to the bank to cover the remainder of the mortgage.

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