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RENEWABLE ANNUAL LIFE INSURANCE
You decide what your life insurance policy will be like.
A customised life insurance product that can be adapted to your needs. The policy you want.
Choose your cover
You can adjust your policy to your needs by including cover for total permanent disability or accidental death.
Choose the benefit amount
Choose the guarantee amount. The minimum is €30,000 and the maximum €249,999.99.
Choose your beneficiaries
You can also name the person(s) who will receive your death benefits.
Renewable annual life insurance is a customisable product where you choose the cover. However, the insurance does feature some minimums and maximums.
Death from any cause.
This guarantee is mandatory. The minimum coverage is €30,000 and the maximum €249,999.99.
Absolute and permanent disability.
This is optional cover; if it is contracted, it is equal to the cover contracted for death.
This is also optional cover. If it is contracted, the additional capital will be the same as for the death guarantee, with a limit of €310,000.
General terms and conditions
The insured must be an individual resident in Spain; non-residents may only contract death coverage if the insured is domiciled in Spain.
The insured must be between 14 and 69 years old at the time of contracting the insurance. In the renewable, periods, the maximum age is 70 years in the case of death insurance and 67 in the case of permanent absolute disability. In the case of accidental death, the cover will be extinguished in the annual period in which the insured turns 65 years old.
A health questionnaire consisting of ten questions must be completed to contract the insurance. In exceptional cases, the insured may need to complete certain additional questionnaires:
Disease questionnaire: if the insured declares that they are suffering from certain diseases.
Professional questionnaire: if the insured declares that they belong to one of the professional categories considered to be high risk.
Accommodation/travel questionnaire: if the insured declares a large volume of trips.
Economic terms and conditions
The first instalment will be charged directly to the designated account. On renewal, these are charged through the bill.
This insurance does not include an instalment fee for spreading payment of the premium.
Payments for the Renewable Annual Term Insurance can be split when they exceed €18:
There are no tax deduction for the premiums paid.
On the death of the insured, the payments received by a person other than the policy holder will be subject to Inheritance and Donations Tax. The way in which these are taxed will depend on the degree of kinship and the current tax regime in each Autonomous Community.
The income obtained as a result of absolute and permanent disability insurance will be considered capital gains and subject to personal income tax. Withholdings will be applied to the amounts considered as income for income tax purposes. This is without prejudice to the regulations of the Basque Country and Navarra.
If the beneficiary is the spouse and it is understood that the insurance premiums were made from jointly-held funds, the beneficiary may pay tax on the difference between half of the capital received and half of the premiums paid in income tax, and the other half of the capital in Inheritance and Donations tax. This is this case providing that it is expressly stated in the application form. Otherwise, tax would be payable on the full amount.
Can I have several life insurance policies?
Yes, you can have as many life insurance policies as you want. And all will be collected in the event of a claim.
Who can I designate as a beneficiary of my life insurance?
You can designate as many beneficiaries as you want and change them at any time. If you do not do so, your beneficiaries will be your legal heirs.
How would my family know that I have arranged life insurance?
There is a public registry of life insurance that enables beneficiaries to identify all of the deceased's current life insurance policies.
What is the duration of the life insurance policy?
The duration of the insurance contract is one year. It will be automatically extended unless indicated otherwise. The contract can be cancelled at any time once the first twelve months have passed, by giving one month's notice.
Could the insurer rescind the insurance if I get sick?
There is an obligation to inform the company if there is any aggravation of the risk at the time that this occurs. If this occurs during the first year of the policy, the company has the power to terminate the contract. After this period, the policy cannot be cancelled, unless fraud is demonstrated at the time of the initial declaration or the pricing of the policy.
Can I increase or decrease the guarantees contracted under my life insurance?
Yes, you can change them but, in this case the minimum insured amount for the death guarantee is €30,000 and the maximum €249,999.00.
What happens if I do not pay a premium?
There are two possibilities. If it is the initial premium, the insurer can terminate the contract or pursue it through the courts. If it is a renewal or successive premium, the cover will only continue for one month after the premium maturity date. The insurer can claim the premium and, if it does not, the contract will be cancelled in 6 months.
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Life risk insurance offered by Bankinter Seguros de Vida, S.A. de Seguros y Reaseguros and sold through Bankinter, S.A., as a BANCASSURANCE OPERATOR with registered office at 29 Paseo de la Castellana (28046 Madrid), recorded in Volume 1857, Folio 220, Page 9643 of the Madrid Companies Register, holder of Tax ID Number 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.
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Basic information about data protection. Bankinter Seguros de Vida, S.A de Seguros y Reaseguros will process your data for the following purposes: (i) in compliance with legal obligations; (ii) for the comprehensive and centralised management of your insurance contract; (iii) to ask doctors and healthcare providers to supply the data and medical history required to prepare the contract and protect your interests; (iv) to analyse and develop profiles to ensure the correct execution of the insurance contract; and (v) to contact you with information about products or services that may be of interest to you since they are similar to the ones you already have with us. To be able to inform you about the products and services mentioned above, we will analyse your personal data to create a profile that will allow us, by whatever channel we may use to reach you, to tailor our commercial announcements as closely as possible to your needs, tastes and preferences. Please also refer to the additional information about data information published by Bankinter Seguros de Vida, S.A de Seguros y Reaseguros.
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