A variety of Spanish life insurance policies will
ensure that should you die, your family will be provided for.
These
policies are either offered as "individual policies" -
if they are taken out on only one member of the family - or "family
policies" - if they are taken out on both yourself and your
spouse, for instance. You may be able to obtain a discount for
purchasing
a family policy. It is common practice for Spanish banks offering
mortgages to require you sign a life insurance policy that will
guarantee full payment of your home should the principle wage-earner
die or be unable to work, for whatever reason. These policies differ
from conventional policies in that, rather than pay out a sum to
survivors, money is directly paid to the bank to cover the remainder
of the mortgage.
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