THE first question should be – have you taken out Life Insurance? You may have a Mortgage Protection policy, which means on your death the mortgage will be paid.
But of course, this has nothing to do with providing your family with some financial security when they really need it, whereas life insurance provides a payment to your family, to cover funeral costs, inheritance taxes, etc.
Mortgage Protection is a good policy to have, as it will pay off any mortgage you have on your house, keeping your family secure in their home.
For example, Mortgage Payment protection, up to €100,000 of cover for a 50-year-old, can be as little as €305 per year.
But for fuller coverage you should look into a life policy. You can tailor a policy to your own requirements and create a bespoke life insurance – whether to cover the initial costs incurred on your death or provide your family with a lump sum to provide for their future.
For example, life cover of €50,000 for a 50-year-old, can be as little as €155 a year.
You do need to be resident in Spain for these policies and there will be a simple health/medical questionnaire that you will need to complete online.
These policies are available with monthly direct debit payments, and our policies will be in English.
I understand that when you go to the bank, they will try to sell you life insurance, both for yourself and your mortgage. Be careful as they tend to be more expensive and you are unable to tailor these policies for your own particular needs.
Alongside the life policies, we can provide various Accident Policies to give you protection throughout your life and provide support should you sadly experience a life changing accident.
For more information or a quotation, please call one of my offices, email info@jennifercunningham.net or visit the website www.jennifercunningham.net