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The Renewable Annual Life Insurance Policy is a customised product with the cover you choose, but includes minimums and maximums.
Death due to any cause.
This guarantee is mandatory and should be acquired with minimum cover of €30,000.
Total permanent disability.
Optional cover. If purchased, it is equal to death Cover.
Optional cover. If purchased, the sum insured will be the same as with the death guarantee with a €310,000 limit.
Terms and conditions
Terms and conditions
Be a natural person and a resident of Spain. If you are a non-resident, you may only take out death cover provided that the insured party is domiciled in Spain.
Be between 14 and 69 years of age at the time you take out the policy. During renewable periods, the maximum age for death is 70; for total permanent disability, the maximum age is 67. For accidental death, cover will extinguish with the annuity once the insured party reaches the age of 65.
To take out this policy, you must complete a 10-question health questionnaire. Under exceptional circumstances, the insured party may be required to answer a number of additional questionnaires.
Illness questionnaire: if the insured party declares that he/she has certain illnesses.
Professional questionnaire: if the insured party declares that he or she belongs to a professional category deemed "high risk".
Travel questionnaire: if the insured party declares extra travels.
The first instalment will be directly charged to the designated account. With renewed policies, instalments will be billed.
The Renewable Annual Life Insurance Policy allows you to split up payments when the billed amount is greater than €18:
Every six months (with a 2.4% surcharge).
Every three months (with a 3.6% surcharge).
Every month (with a 4.5% surcharge).
There is 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 term 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 insurance company 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, but the minimum amount insured for the death guarantee is €30,000.
What happens if I do not pay a premium?
There are two possibilities. If it is the initial premium, the insurance company 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 insurance company can claim the premium and, if it does not, the contract will be cancelled in 6 months.
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Bankinter, 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.
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Basic data protection information. 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 protection prepared by Bankinter Seguros de Vida, S.A. de Seguros y Reaseguros.
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