LIFE INSURANCE IN PORTUGAL FOR EXPATS IN ENGLISH
SPECIALISTS IN LIFE INSURANCE QUOTES FOR EXPATS IN PORTUGAL
WHAT IS LIFE INSURANCE IN PORTUGAL?
Life insurance in Portugal has, in the past, primarily been used to protect banks against loans or mortgages that you have taken with them. In the event of your death or permanent disability the Bank would be the beneficiary of your life insurance policy and it would cover the amount of your loan or mortgage.
LIFE INSURANCE IN PORTUGAL IN ENGLISH.
Many of the banks in Portugal have some English speaking staf and will insist you have life insurance if you take out a loan or mortgage with them. It is NOT compulsory to take the Bank's life insurance policies as they tend to be very basic and expensive, but they can be very persuasive and in some cases charge you additional interest on your loan or mortgage if you dont. The Life Insurance or Life Assurance will be assigned to the bank to cover your loan or mortgage in the event of your death or permanent disability. As the bank have first charge over the Life Insurance, as years tick down, the value of your loan or mortgage will drop but your life insurance cover will remain the same.
Once your mortgage or loan has been paid off, you can cancel the life insurance. In the event that your family need to claim on the life insurance, whatever is left after paying any banking fees, will be classified as inheritance for your spouse and family.
GETTING A QUOTE FOR LIFE INSURANCE IN PORTUGAL IN ENGLISH.
Life insurance premiums in Portugal are based on your age, medical history and the term that the life insurance needs to run. On Term Life Insurance, insurance that runs for a specified period, usually the period of the loan, the premiums can increase each year like any other insurance.
DO I NEED A MEDICAL FOR LIFE INSURANCE IN PORTUGAL?
Some life Insurance companies in Portugal insist on a Medical form every life insurance policy they issue and others will only require a medical for certain criteria, such as age, or if you have any pre-existing medical conditions. You will be asked to fill out a medical questionnaire to provide your medical history. There is no point in omitting any conditions as they will do their research in the event of a claim and the last thing you need is your life insurance to be invalid when you family need it most. When term insurance reaches it term it will end.
LIFE INSURANCE TO COVER YOUR FUNERAL EXPENSES.
Many people now use our Life Insurance Policies that have a provision for the Life Insurance to advance some of the sum insured on your life insurance to cover funeral costs -upto €5,000. Over the past decade, Expat Funeral Plans and pre-paid Funerals have been flogged to death amongst the Expat community in Portugal and as the name suggests, you pre-pay for your funeral. Funeral plans have a variety of cover from basic cremation to the all singing and dancing versions with flowers, hymns, sermons and allows you to pre arrange everything for when that day comes.
By taking out a life insurance in Portugal that has a funeral cover provision, is one less thing to think about and you will have peace of mind in knowing that your family will have the money to cover your funeral.
LIFE INSURANCE IN PORTUGAL AS A LEGACY.
More and more Expats in Portugal are begining to understand the importance of life insurance. For what they cost, this can be very important to those that perhaps don't have any savings or an adequate pension to provide for their families after their death. Joint Life insurance policies can also provide security for the family and in the event that both parties were to perish in an accident, the policy would pay out for each death.
At some point in our lives we are all going to pass away. If we live a long and jhappy life, we will probably be content with what we have achieved. However, in the event that our lives were to be cut short by some unforseen circumstances, a good life insurance policy can make a big difference to any family. It is sometimes worth considering Life Insurance as a good investment.
LIFE INSURANCE AND PERMANENT DISABILITY INSURANCE.
Life insurance will also pay out in the event that you are disabled or have a permanent disability. This fantastic Life Insurance cover will provide you with either an income or a lump sum to help you and your family with your disability.
TERM LIFE INSURANCE IN PORTUGAL.
Term Life insurance is a life insurance payable over a specified period. This will usually be the period of your loan or mortgage. Be aware that your life insurance will not decrease with your loan or mortgage, so you may need to adjust the life Insurance cover amount as years go by. You should always seek the advice of a life isnurance specialist, so that the right type and cover for your life insurance is arranged. There are some tax advantages if the policies are transcribed properly.
OUR ADVICE TO EXPATS IN PORTUGAL IS COMPLETELY FREE, PRIVATE AND CONFIDENTIAL. CONTACT US FOR A QUOTE FOR LIFE INSURANCE TO PROTECT YOUR ASSETS AND FAMILY.
Copyright and all rights reserved. Plegasus Europe S.L. January 2021