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LIFE INSURANCE 2017-12-11T11:58:23+00:00

Life Insurance

WE ARE THE LIFE INSURANCE SPECIALISTS IN THE COSTA BLANCA AND SPAIN

Turner Insurance Specialists in Spain Costa Blanca

Life insurance can be a confusing subject for some, so we aim to try and explain what life insurance is, how theses insurance policies can cover you in Spain and protect your assets and inheritance.

A life insurance policy in Spain is similar to the UK, an insurance policy on your life. In the event the unforeseen happens, the policy will pay out to your next of kin. This agreed amount for life insurance cover or life assurance cover, can serve to cover a loss of income for your spouse, to clear loans or debts, cover inheritance costs or just to make life easy for the beneficiary if something happened.

We can also offer to include a double or even the capital insured in the event of death by accident, death by road traffic accident, permanent invalidity for accidents or road traffic accidents.

Life Insurance

LIFE INSURANCE
MORTGAGE PROTECTION
LIFE AND INHERITANCE TAX
BANKS PROTECTION

Not what you think

A life insurance policy is not a funeral insurance policy. However, you can opt to increase the capital to also cover funeral costs.

We can issue new life insurance policies for clients up to 69 years of age. Consequently the optional extras such as permanent invalidity or critical illness cover are only available up to 65 years of age.

However we always recommend you specify a beneficiary on your life insurance policy in Spain, this will make the settlement of the policy much easier.

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FILL IN OUR FORM BELOW TO GET A DETAILED QUOTE ON OUR LIFE INSURANCE POLICIES.

Turner Insurance Specialists in Spain Costa Blanca

Mortgage Protection

WE CAN ALSO ISSUE A MORTGAGE PROTECTION POLICY TOO.

Turner Insurance Specialists in Spain Costa Blanca


We can also issue a mortgage protection policy; this is basically a policy declaring a bank or financial entity as the main beneficiary. This means in the event of death, the insurer will contact the bank or financial entity and ask for confirmation of the balance owing on the loan or mortgage, the insurer will clear the debt and the balance is then passed on to the next of kin or other declared beneficiary.


With a mortgage protection insurance policy, we can set up the policy with a decreasing capital, this means each year the insurer lowers the amount of capital you are insured for, as you have cleared part of your loan. Please click on this link below to read some more about life insurance and banks in Spain.

LIFE & INHERITANCE TAX

LIFE INSURANCE AND INHERITANCE TAX IN SPAIN

Turner Insurance Specialists in Spain Costa Blanca

All though the rules and regulations on this can vary from year to year, also to make matters more complicated they vary from province to province in Spain, there is a national inheritance tax law stating 35% of all inheritance is taxable in Spain, unlike in the UK where the actual estate itself is taxed, as long as it is over a certain amount or tax free if it is under a certain amount. In Spain it is the actual beneficiary of the inheritance that pays inheritance tax.

Furthermore on top of this national inheritance tax laws the regional laws also apply, for example, in the Comunidad Valenciana (Castellon, Valencia and Alicante provinces) there is a tax exemption for inheritance tax for inheritance up to 100.000€, this is for the total value of the cash and assets received.

Think Carefully

In Spain there are also strict rules concerning who you can leave your inheritance too. You cannot freely leave it all to your spouse if you have children. As this really is a complicated subject, we recommend you speak to a financial planning adviser or Gestor to assist you with this.

Life Insurance Quote

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Turner Insurance Specialists in Spain Costa Blanca