Group life insurance

For them – and also for their loved ones.

In the face of undesired future events, Bankinter group life insurance offers both personal protection for policyholders and financial support for family or partners, for those who matter most.

  • They allow insured parties up to 64 years of age to be included on the policy.
  • The insured parties can designate their beneficiaries and the percentage they would like to allocate to each one.

Two life insurance policies that can be arranged for one insured party upwards, always with better prices than for individual policies

Annual renewable group life insurance

This temporary insurance may be arranged for renewable annual periods. The insured parties included in the policy may be insured until they reach the corresponding maximum age.

  • Basic guarantee for death due to any cause.
  • May be extended through optional guarantees.
  • Minimum capital that may be insured: 30.000€.

Group life insurance with a single premium

A temporary insurance policy , with a pre-established term in the policy and a single premium, which guarantees the payment of the insured capital to the beneficiaries in the event of death.

  • It can optionally include capital to cover total or permanent disability.
  • Minimum capital that may be insured: 15.000€.

And with two clear advantages for your company:

Improves the working relationship with employees

You will offer financial protection to both your employees and their families or partners.

Your company gets tax benefits

Because you can deduct the amount paid for insurance from corporation tax.

We're here to help you,

through your local branch and our specialised channels.

Insurance experts line: 901 810 383

Monday to Friday from 08:00 to 17:00.

Insurance mailbox

We'll study your needs and an insurance expert will advise you on the best policy and how to take it out.

Ver Interest hedge Interest hedge

Fixed-term group life insurance with a single premium

  • Main cover:

    Death due to any cause, anywhere, with the only exception being death caused by suicide within the first year of valid inclusion in the insured group.

  • Additional cover that can be arranged:

    • Absolute and permanent disability

      Due to any cause, anywhere.

Annual renewable group life insurance

  • Main cover:

    Death due to any cause, anywhere, with the only exception being death caused by suicide within the first year of valid inclusion in the insured group.

  • Additional cover that can be arranged:

    • Absolute and permanent disability

      Due to any cause, anywhere.

    • Total permanent disability due to accident

      This guarantee can only be arranged jointly with the previous one. It cannot be arranged when there is no working relationship with the company and the payment is not made by the policyholder.

    • Accidental death

      This capital is in addition to the benefits set out under the main cover in the event of death.

    • Death due to traffic accident

      This guarantee can only be arranged jointly with the previous one.

Ver Group life insurance terms and conditions Group life insurance terms and conditions

Fixed-term group life insurance with a single premium

  • Requirements

    The fixed-term group life insurance with a single premium is only available for Bankinter customers who are residents of Spain. It may be arranged for a single insured party or more and there is no upper limit on the number of insured parties.

    It may only be arranged for residents.

  • Minimum age for inclusion on the policy

    Minors under fourteen years of age and disabled people may not be included for death cover.

  • Maximum age for inclusion on the policy:

    People over 64 years of age may not be added to the insurance policy.

  • Payment of premiums

    The premium is paid in a single payment at the start of the contract term. The desired capital may be arranged for each person included on the policy without these amounts being in line for all insured parties. The insured capital amounts will be subject only to the selection rules existing at any given time.

    Once the policy is formalised, no economic supplements for changes to insured capital or change of guarantees will be admitted.

  • Minimum insured capital.

    • Main warranty: 15.000€.

    • Unlimited complementary guarantees.

    The main guarantee capital must be equal to or greater than that of the complementary guarantees.

    The insured parties on a single policy may have different insured capitals.

    • Duration of the policy

      The duration of the contract is from 3 to 5 years at the choice of the policyholder, with no renewal option.

  • Policy types

    There are two types of policy depending on whether or not there is a working relationship between policyholder company and the insured parties:

    • Pension-related obligation

      When the insured parties have a working relationship with the policyholder company, i.e. if they are employees of the same.

    • No pension-related obligation

      When the insured parties have no a working relationship with the policyholder company, i.e. if they are not employees of the same. These groups could include: proprietary partners, directors, associations, etc.

  • Beneficiaries

    The insured party may designate as many beneficiaries as they like, in whatever proportion they like and change this as often as they like. If no beneficiaries are assigned, they will be understood to be the insured party's legal heirs.

Annual renewable life insurance

  • Application

    Life insurance for companies is only available to Bankinter customers.

    The annual renewable group life insurance may be arranged for periods of one year that may be renewed until the insured parties included on the policy reach the corresponding maximum age. The policy will renew automatically.

  • Requirements

    The insurance may be arranged for a single insured party or more and there is no upper limit on the number of insured parties.

    It may only be arranged for residents.

  • Payment of premiums

    The payment of the premiums can be divided as long as the resulting payments are at least €30.

  • Minimum insured capital.

    • Main warranty: 30.000€.

    • Unlimited complementary guarantees.

    The main guarantee capital must be equal to or greater than that of the complementary guarantees.

    The insured parties on a single policy may have different insured capitals.

  • Policy types

    There are two types of policy depending on whether or not there is a working relationship between policyholder company and the insured parties:

    • Pension-related obligation

      When the insured parties have a working relationship with the policyholder company, i.e. if they are employees of the same.

    • No pension-related obligation

      When the insured parties have no a working relationship with the policyholder company, i.e. if they are not employees of the same. These groups could include: proprietary partners, directors, associations, etc.

  • Beneficiaries

    The insured party may designate as many beneficiaries as they like, in whatever proportion they like and change this as often as they like. If no beneficiaries are assigned, they will be understood to be the insured party's legal heirs.

  • Minimum age for inclusion on the policy

    Minors under fourteen years of age and disabled people may not be included for death cover.

  • Maximum age for inclusion on the policy: 64 years.

  • Maximum age for exclusion from the policy:

    • If the group maintains a working relationship with the policyholder company The maximum age for exclusion from the main guarantee is set at 70, from complementary cover for total permanent disability for any reason at 67 and all other cover at 65.

    • If the group does not have a working relationship with the policyholder company In this case, the maximum age for exclusion is set at 65.

Ver FAQs FAQs

What are the products offered?

There are two products:

  • Annual renewable group life insurance

    It is intended to cover possible future contingencies, such as death or disability, by paying a premium that increases each year depending on the age of the insured parties included in the policy.

    The insurance policy is flexible and offers a basic guarantee and the possibility of arranging additional guarantees:

    • Basic guarantee

      Death from any cause.

    • Additional guarantees

      • Total permanent disability.

      • Total permanent disability due to accident.

      • Accidental death.

      • Death due to traffic accident.

      This insurance policy may be arranged for renewable periods of one year and the insured parties included in the policy may be insured until they reach the corresponding maximum age.

  • Fixed-term group insurance with a single premium

    It is a risk life insurance with a single premium that guarantees the insured capital will be paid to the beneficiaries in the event of the death of the insured party.   The insurance policy can also optionally cover an amount of capital in the event of total permanent disability. 

    The policyholder for the group policy will be the company, association or, in general, the entity that will act as the point of connection for the insured parties and will represent them before the insurance company.

What are the existing policy types?

Various types of policies can be offered depending on whether there is a working (payroll) relationship between the policyholder company and the insured parties.

  • Pension-related obligation

    This circumstance occurs when the insured parties have a working relationship with the company (policyholder): when they are employees of the same.

    All employees who currently provide services at the policyholder entity are members of the insurable group.

  • No pension-related obligation

    This circumstance occurs when the insured parties do NOT have a working relationship (they are not employees) with the company (policyholder): they are NOT employees of the same (for example, proprietary partners, directors, golf club members, etc.).

Can children under fourteen years of age be insured?

No, parties under fourteen years of age cannot be included on these insurance policies.

What is the maximum age for which the insurance may be arranged?

The maximum age of parties for whom the insurance may be arranged is 64.

What are the minimum capital amounts that have to be arranged?

Depending on the type of product, minimum amounts of capital are established:

  • Annual renewable group life insurance

    Death for any cause: 30.000 €.

  • Fixed-term group insurance with a single premium

    Death for any cause: 15.000 €.

What are the guarantees of the annual group renewable life insurance?

  • Main Guarantee

    Death due to any cause, anywhere, with the only exception being death caused by suicide within the first year of valid inclusion in the insured group.

  • Additional guarantees

    • Absolute and permanent disability

      Due to any cause, anywhere.

    • Total permanent disability due to accident

      This guarantee can only be arranged together with the previous one (it cannot be arranged for non-commitments when the bill is not paid by the policyholder).

    • Accidental death

      This capital is in addition to the benefits provided for by the main guarantee in the event of death.

    • Death due to traffic accident

      This guarantee may only be arranged in conjunction with the previous one.

What are the guarantees of the fixed-term group insurance?

  • Main guarantee for death due to any cause (mandatory). 

    If the insured party dies due to any cause during the term of the policy, the guaranteed capital will be paid to the designated beneficiaries after this death occurs (maximum age of 70).

  • Complementary guarantee for total permanent disability (optional) 

    If the insured party is incapacitated to the degree of total permanent disability due to any cause and for all types of work during the term of the policy, the guaranteed capital will be paid to the insured party themself and the remaining guarantees will be rescinded. This guarantee will be annulled when the main guarantee is annulled or at the next insurance anniversary following the date when the insured party reaches 67 years of age.

Can beneficiaries be designated?

The insured party may designate as many beneficiaries as they like and in whatever proportion they like. If they do not, the beneficiaries will be understood to be the insured party's legal heirs. They can also change their beneficiaries as often as they like.