PAYMENT PROTECTION

Don't let your mortgage keep you awake at night: Payment protection insurance.

5years' peace of mind

Plus

See Cover Cover

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.

6 consecutive months and 12 alternate months 

Option 1 1 insured holder Maximum monthly limit: €1,400
Option 2 2 policyholders Maximum monthly limit per policyholder: 700 €
Option 3 (1) 2 policyholders Maximum monthly limit per policyholder: €1,400

12 consecutive months and 24 alternate months 

Option 1 1 insured holder Maximum monthly limit: €1,400
Option 2 2 policyholders Maximum monthly limit per policyholder: 700 €
Option 3 (1) 2 policyholders Maximum monthly limit per policyholder: €1,400

(1) If an event insured in the policy happens, and it simultaneously affects the two insured holders of the loan, the insured sum will be reduced to 50%.

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.

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