Life Insurance

Hi

Can anyone advise what they have done with regards to life insurance for their spanish mortgage? We currently have some through Bancaja, who have our mortgage, but it's very expensive for the level of cover, compared to what we could get over here.

Bancaja told us it was a requirement that we had life insurance, but the amount we have doesn't even cover our mortgage, & also because we told them it was too expensive, they dropped the amount that was covered to reduce the price.

Any feedback would  be appreciated.

Thanks

Anneli

Hi

I went with Jennifer Cunningham associates (Have an office at Los Alcazares) who brokered a deal for me with Liberty Seguros.

Had to go to Bancaja branch in person to sign documents saying i didnt want their life assurance

saved about 30% by doing so.

Good luck

Hi

We are all paid up until August with the bancaja life ins, so will sort something out for when we go over in July. We were thinking of maybe taking out mgte life ins over here as it's so much cheaper than it appears to be in Spain.

Thanks

Anneli

Beware: the banks like 2 months notice of any change to Life Assurance. So if your premiums are due for renewal in August, you need to do something late May/early June.

Also beware of Bancaja life insurance.  We took it out when we took out our mortgage and it was renewed automatically, without us having requested that it be renewed, i couldn't get in touch with my branch as no-one ever seems to answer the phone or e-mails and I had to go see them when I was over to cancel the automatic renewal as I also found it very expensive, however it looks like I am not getting a refund of my policy fees as I was too late in signing the cancellation forms.  I was also a bit annoyed as I asked for a copy of all the paperwork in English but was told I couldn't have that from them. Other than that, I am realtively happy with Bancaja.