LIFE insurance is really a necessary purchase that has the benefit of providing you and your family peace of mind. There are many different forms of cover that can be tailored to suit your needs plus lifestyle.
Life insurance not just provides financial protection in the event of loss of life, but it is also a savings item that offers benefits that are becoming ever-more-extensive and customisable, so it is not surprising that will, after car and home insurance plan, it is the third-most-contracted insurance cover in Spain.
The average profile of an individual who contracts life insurance is a married man, aged between 35-44 years old, however it is never too late, or earlier, to take out a policy.
Organize a mortgage to buy a house
In Spain, six-out-of-ten homes are purchased with a mortgage. In this case, it is advisable to remove life insurance, because, in case of death or even permanent disability of the person who caught the mortgage, the insurer will require over the payments to the bank, plus remove your partner or relatives through the economic responsibility that could be difficult to carry on with.
In fact , along with most banks, it is a pre-requisite like a guarantee before signing the home loan. Until recently, banking entities trained their mortgage lending with an “ obligation” to contract some connected products, such as life insurance.
But , since a few years ago, using the approval of the European Parliament from the Mortgage Credit Directive, banks are usually prohibited by law from linking a home loan to the purchase of insurance. You simply need that your insurance company includes an offer in your policy, registering your financing bank as the mortgage beneficiary.
In that way, you comply with the particular request of the bank, but you furthermore save money. You could even save a positive change of 700 euros, because the items offered by the bank can be up to 300% more expensive.
Start a household
Life insurance can also be an assurance for those who are thinking about starting a family. It must be taken into account that raising a child vacation can be expensive. It has been estimated that the baby can cost 14, 266 pounds during its first year associated with life, and 14, 056 pounds during the next two.
On average, a child can represent the particular disbursement of 1, 183 euros each month, during its first three years, which usually represents 80. 78% of the typical, monthly, net salary of an employee.
It will depend on every person’ s standard of living, but , prior to the child turns 18, the parents might have spent between 115, 000 plus 350, 000 euros.
If, at any time, one of the parents passes away, it will be difficult for the family to keep the same rhythm of life. Within those cases, although the personal reduction will be irreplaceable, life insurance could ensure the necessary capital to meet family expenditures.
With Liberty Seguros, even if the insured dies in an incident, along with his/her spouse, and they have kids younger than 18, the beneficiaries will receive double the amount insured.
Protect your earnings level
Last year, there have been 3, 796 serious occupational mishaps in Spain. Of these, 618 had deadly consequences. The possibility of suffering an accident at the job, or outside, that causes a permanent or even temporary disability, exists, so it is the wise choice to protect your income degree.
It will depend on every policy, but the insured can get an advance payment of the caught capital, in case of temporary or permanent incapacity, that will prevents them from working, plus, therefore , affects their income, whether or not as a result of an accident or illness.
In fact , with Liberty Seguros, the insured will be advanced the particular sum insured for death in the event that he/she is diagnosed with one of the following severe illness, or needs one of the subsequent operations: cancer, heart attack, cardiovascular incident, kidney failure, bypass surgery, paralysis and transplant of vital internal organs, in accordance with the terms established in the special conditions of the policy.
With insurance, not only for life, but also car, home, business, commercial, funeral, etc ., Liberty Seguros is considered the preferred ex-pat insurer in Spain today.
Liberty Seguros has an extensive network of over 300 brokers and agents, dedicated to providing unbiased, friendly and expert advice, because every home is different, and such an important decision deserves a face-to-face chat with a specialist insurance advisor, in your own language, to go over the most suitable cover for you.
To find out more, visit www.libertyexpatriates.es, or simply call 91 342 25 49.