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Life insurance in Spain

Posted: Mon Jun 14, 2021 10:37am
4 replies76 views2 members subscribed
Johnstown21

Posts: 6

Location: Yecla

Joined: 2 Feb 2021

Our current life insurance cover in Ireland will expire when we move to Spain in January. Is it easy to get life cover for over 50s in Spain?

paulsav

Posted: Mon Jun 14, 2021 12:52pm

paulsav

Helpful member

Posts: 371

280 helpful points

Location: Yecla

Joined: 4 Dec 2015

Posted: Mon Jun 14, 2021 12:52pm

Johnstown21 wrote on Mon Jun 14, 2021 10:37am:

Our current life insurance cover in Ireland will expire when we move to Spain in January. Is it easy to get life cover for over 50s in Spain?

Hi,   I didn't think life insurance expired until you got to 80, then became paid up. Why is it expiring if you are under that age as I haven't seen any type of over 50's low premium insurance in Spain and so long as you keep up premiums the policy can still be kept on. 

Regards 

Pauline 

Johnstown21

Posted: Mon Jun 14, 2021 3:09pm

Johnstown21

Original Poster

Posts: 6

Location: Yecla

Joined: 2 Feb 2021

Posted: Mon Jun 14, 2021 3:09pm

paulsav wrote on Mon Jun 14, 2021 12:52pm:

Hi,   I didn't think life insurance expired until you got to 80, then became paid up. Why is it expiring if you are under that age as I haven't seen any type of over 50's low premium insurance in Spain and so long as you keep up premiums the policy can still be kept on. 

Regards 

Pauline 

Thanks very much, I thought it was strange too, I will contact the insurance company to make sure the man I spoke to has it correct

paulsav

Posted: Mon Jun 14, 2021 3:24pm

paulsav

Helpful member

Posts: 371

280 helpful points

Location: Yecla

Joined: 4 Dec 2015

Posted: Mon Jun 14, 2021 3:24pm

Johnstown21 wrote on Mon Jun 14, 2021 3:09pm:

Thanks very much, I thought it was strange too, I will contact the insurance company to make sure the man I spoke to has it correct

I can only think its a Brexit problem, as I asked a few years ago if I moved abroad and became a Spanish resident could I still keep my policy going and they said yes, as long as premiums paid. However they added I could not take out a policy as a Spanish resident at time of starting policy. If you were keeping on a UK bank account there would not be a problem with premiums but if not you could send payments via opening a Wise account but not from a Spanish bank account. You may have had this policy for many years and don't want to lose the cover given the premiums paid already. You mentioned initially it would expire, why? I wouldn't be  accepting that, do you have the small print of policy to read first. Good luck. 

Regards 

Pauline 

Johnstown21

Posted: Wed Jun 16, 2021 1:55pm

Johnstown21

Original Poster

Posts: 6

Location: Yecla

Joined: 2 Feb 2021

Posted: Wed Jun 16, 2021 1:55pm

paulsav wrote on Mon Jun 14, 2021 3:24pm:

I can only think its a Brexit problem, as I asked a few years ago if I moved abroad and became a Spanish resident could I still keep my policy going and they said yes, as long as premiums paid. However they added I could not take out a policy as a Spanish resident at time of starting policy. If y...

...ou were keeping on a UK bank account there would not be a problem with premiums but if not you could send payments via opening a Wise account but not from a Spanish bank account. You may have had this policy for many years and don't want to lose the cover given the premiums paid already. You mentioned initially it would expire, why? I wouldn't be  accepting that, do you have the small print of policy to read first. Good luck. 

Regards 

Pauline 

Thanks Pauline, I am going to look at the policy thoroughly and follow up with the policy holder. 

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