For less than you think
You can pay in a single instalment and even include it in the loan amount.
Customise your insurance policy
Choose the type with the number of instalments you prefer to cover your policy and the number of insured parties.
One or two insured parties
If you take out a mortgage with another person, you can get joint coverage.
Guarantee the payment of your new mortgage in a single instalment.
Plus
See Coverage Coverage
Your mortgage payment is guaranteed in the following cases:
- If salaried employees are unemployed.
- Temporary incapacity to work as a result of illness or accident for self-employed workers, civil servants and employees with a temporary contract.
See Terms and conditions Terms and conditions
Payment protection insurance conditions
The requirements for contracting Plus Ultra payment protection insurance are:
- The mortgage loan is newly contracted with Bankinter.
- You must be an individual aged over 18 and under 60.
- You must work in Spain
- You must have a remunerated employment, civil servant, professional or business relationship and be registered for Social Security contributions, as a public official, mutual, "montepío" or similar institutional fund, as the legislation determines for the corresponding activity.
See FAQs FAQs
When does unemployment coverage apply?
The company guarantees an amount equivalent to the monthly loan instalment, always within the limits established in the insurance contract, for every 30 consecutive days that the insured party is unemployed and provided that he/she is unemployed during the period the insurance policy is valid and that it occurs due to the employment relationship being ended:
- By a workforce adjustment plan or employment regulation procedure.
- Due to the death or incapacity of his/her individual employer, and provided that the employment contract is terminated due to such causes.
- Due to wrongful dismissal.
- Due to dismissal or termination of the contract based on objective causes.
- By voluntary cancellation by the insured party in the cases provided for in articles 40, 41 and 50 of the Workers Statute.
Or because the Employment Relationship is suspended due to a workforce adjustment plan or because the working day is reduced by at least half for the same reason.
If you receive unemployment benefit then you are not entitled to incapacity benefit.
What is temporary disability?
This is a temporary physical situation caused by illness or accident, which means that the insured party is unable to perform his/her profession or work activity. If it is a salaried employee, then the Social Security doctor, or similar, must diagnose temporary incapacity covered by the policy, both the cause and the incapacity caused to the insured person; if it is a self-employed worker then this must be done by a professional doctor approved by the insurer.
Does the insurance have an excess?
No, there is no kind of excess.
Who can be the insured party for the policy?
The insured party must always be the holder of the mortgage. If there are two mortgage holders, then two different policies would be issued.
Who is the beneficiary of the policy?
The natural person or legal entity, who, having been assigned by the insured party, is entitled to compensation.
Can the monthly compensation limit be increased?
No, the monthly compensation limit cannot be changed.
Can I take out the insurance policy at any time during the life of the loan?
No, you can only take out this insurance policy when you initially sign the mortgage loan.
What is the waiting period of the insurance policy?
This policy has the following waiting periods:
- For unemployment: two months from the date of entry into force of the cover.
- Due to temporary incapacity due to illness: one month from the effective date of the coverage.
- For temporary incapacity due to an accident, there is no waiting period.
Or because the Employment Relationship is suspended due to a workforce adjustment plan or because the working day is reduced by at least half for the same reason.
If you receive unemployment benefit then you are not entitled to incapacity benefit.
When is the insurance cancelled?
The insurance policy may be cancelled for various reasons:
- Because the 5 years maximum coverage period has elapsed.
- Because the benefit has been used up.
Can the insurance premium be paid in instalments?
No, it is a single premium that is paid at the beginning of the insurance policy and it can't be paid in instalments.
Important information
-
Show/Hide legal text1 If an event covered in the policy occurs and it simultaneously affects the two insured holders of the loan, the insured sum will be reduced to 50%.
-
Show/Hide legal textBankinter, S.A., as a BANCASSURANCE OPERATOR with registered office at 29 Paseo de la Castellana (28046 Madrid), recorded under Volume 1857, Folio 220, Page 9643 of the Madrid Companies Register, holder of TIN A-28157360 and registered with the special administrative registry of the General Directorate of Insurance and Pension Funds at the Ministry of the Economy and Finance (44 Paseo de la Castellana, 28046 Madrid), http://www.dgsfp.mineco.es, under the bancassurance operator code OV-0028, has taken out the civil liability insurance required under Article 152 of Royal Decree-Law 3/2020 of 4 February on urgent measures, which incorporates into Spanish law various directives of the European Union concerning public procurement in certain sectors: private insurance, pension plans and funds, and taxation and tax litigation.
The bancassurance operator has entered into insurance agency agreements with the institutions specified in the following link.