Group life insurance

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.

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.

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.