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Life insurance

Life insurance on Mallorca 

There are basically two options in the area of life insurance:

Either a (pure) term life insurance or a combination of term life insurance with capital-forming insurance products which are intended for retirement provision.

Term life insurance

A term life insurance policy provides financial security for surviving dependants in case of premature death by paying them a fixed amount. Term life insurance is particularly important for parents with children who still dependent on their parents income.

When a mortgage is concluded, the term life insurance is required by the banks as loan protection ( repayment insurance).

But not only death, also disability and inability to work can and should be covered with a term life insurance. These are optional options that are not automatically covered. However, this is highly recommended, because higher costs may occur than in the case of death.

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Furthermore, depending on the company, there are important supplementary benefits such as those for serious illness. Depending on the provider, there may also be monthly payments of benefits in case of incapacity for work or disability, instead of a one-off payment.

Combination of term life insurance and savings plan

On the Spanish market there are numerous combination products of term life insurance and capital-forming savings plans for old-age provision. That are paid out in case of survival at the end of the term (usually at retirement age), and in the event of death to the heirs. However, it is usually more beneficial to keep these two things separate. Firstly, it is then clearer which contribution is paid for which insurance. Secondly, you can usually achieve better conditions and higher returns in this way. For example, more attractive interest rate for the pension savings plan.

At Ramrath & Partner we find the best combination tailored to your individual needs.

Fill out the following enquiry form today – and let Mallorca Assekuranz advise you free of charge and without obligation!