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.
temporal_anual_renovable

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Benefit from our quality programme

All of our life insurance products include this programme with prevention and well-being services: 24/7 medical information, healthy habits, second medical opinions, etc.

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See Cover Cover

Renewable Annual Life Insurance

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.

Accidental death.

  • Optional cover. If purchased, the sum insured will be the same as with the death guarantee with a €310,000 limit.

See Terms and conditions Terms and conditions

General 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.

Financial conditions

The first instalment will be directly charged to the designated account. With renewed polcies, 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).

Taxation

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.

See FAQs FAQs

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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