DKV life insurance

The life insurance that provides me the peace of mind and financial security I want for my family

  • Compensation from death due to any cause.

  • Capital advance in the event of a terminal illness.

  • Bereavement assistance service to help deal with the loss of a loved one.

  • Family assistance in the event of death, online will and legal advice.

From €15/month

DKV life insurance

Por qué elegir DKV Vida

All the advantages of your life insurance

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You set the capital amount

Choose how much your family will receive in the event of death.

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Psychological assistance

Bereavement assistance and psychological help for you and your family.

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Family assistance

An adviser will take care of all the funeral service procedures.

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Legal advice

Online will, legal advice and assistance over the telephone.

All the details about DKV Vida

What does the DKV life insurance cover?

Cover and services

A life insurance policy that provides you the security that, in the event of death due to any cause, your family will obtain an income to continue with their standard of living and will be provided support at all times.

The most flexible format that adapts to the needs of insured persons in terms of capital, optional cover and advantages in payment methods.

 

Included cover

  • Death due to any cause

    Your family will receive the payout of the policy.

  • Advance capital payment due to terminal illness

    If you contract a terminal illness, you can obtain 50% of the insured capital in advance.

  • Advance payment for funeral expenses

    The beneficiary may request an advance payment of the capital for funeral expenses, up to a maximum of €4,000.

  • Advance payment of capital for the settlement of Inheritance and Gift Tax

    The beneficiary may request an advance payment of the capital to pay Inheritance and Gift Tax.

Services included

  • Family assistance

    An adviser will guide your family at all times during the funeral service and with all procedures.

  • Psychological in-person and telephone assistance

    In-person in the event of disability, severe illness, depression or suicide prevention, and for your relatives in the event of death. In addition, an unlimited 24/7 psychological helpline.

  • Free online will

    You can write your will at any time and from place using the online Online will.

  • Legal assistance

    A helpline staffed by lawyers who will provide advice on any legal queries.

  • Health and wellness services

    Catalogue of health services at lower-than-market prices through DKV Club Salud y Bienestar.
     

Optional cover

  • Total permanent disability

    This cover provides you the option of receiving the capital if you suffer a permanent disability.

  • Death due to an accident (double capital)

    In the event of death due to an accident, the beneficiaries will receive twice the capital of the death cover.

  • Death due to a traffic accident (triple capital)

    In the event of death due to a traffic accident, the beneficiaries will receive triple the capital of the death cover.

  • Death or permanent disability due to a traffic accident (double capital)

    If you suffer an accident and, as a result, it causes your death or permanent disability, the beneficiaries will receive twice the capital of the death cover.

  • Death or permanent disability due to a traffic accident (triple capital)

    If you suffer a traffic accident and, as a result, it causes your death or permanent disability, the beneficiaries will receive triple the capital of the death cover.

  • Severe illness

    In the event of a serious illness, you will have the option of obtaining 10%, 25%, 50% or 100% (your chosen percentage) of the capital in advance so you can cover the expenses you may need and only focus on what matters most: your recovery.

What are the contracting terms and conditions of DKV Vida?

Duration, personalised capital, premium and payment method

  • Duration: In life insurance, the contract has an annual duration and is renewed year after year until you reach 70 years of age, provided that you do not decide to cancel it beforehand. 

  • Personalised capital: You can set the capital you want, and decide if it remains fixed or is revalued annually

  • Premium: The premium varies every year according to the insured capital and the insured person's age. 

  • Payment method: The premium can be paid in a yearly (5% disc.), half-yearly (3% disc.), quarterly (2% disc.) or monthly payment.

Any insurance policy must start with a commitment

Terms and conditions of the contract

 

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Age for taking out insurance

The life insurance you can take out up to the age of 65.

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Your decision

The customer decides the insured capital for the Life guarantee.

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We advance the capital

In the event of serious illness, such as cancer, heart attack, kidney failure, etc.

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Payment flexibility

We adapt to the payment method or payment instalments.

Information about DKV Vida insurance

Download the documentation

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Frequently asked questions about life insurance

We resolve your most frequent queries about life insurance

What capital is suitable for life insurance?

The capital in a life insurance policy must cover the family's expenses for a sufficient period of time. That is, that which covers the difference between the income (usually the salary) and the retirement pension (approximately 50% of the salary).

Here is some information on the suitable capital for life insurance

What does life risk insurance cover?

Life insurance always covers the risk of the policyholder passing away. It is the main cover. But other additional cover can be taken out.

Here is some information on what a life risk insurance covers

Who should take out life risk insurance?

Life insurance is designed to maintain the financial peace of mind of those who will remain when we are no longer here. Therefore, it is important to think about who depends or may depend financially on us, partner, children, parents with a certain age, dependent people, etc.

In addition, if we have any debts, mortgages or our own business, we must consider the commitments that may directly fall upon our heirs in the event of misfortune.

Why take out life risk insurance?

Although we don't like to think about it, nobody is exempt from suffering an accident or a deadly illness. If this situation were to occur, the family's economy could be seriously compromised.

Here we explain more about life risk insurance

What is life risk insurance?

It is an insurance contract whereby the insurer, in exchange for the payment of a premium paid periodically while the insurance is in force, commits to paying an amount (insured capital) as compensation if the insured person passes away or is incapacitated to work.

In the event of death, the agreed compensation will be paid to the beneficiaries chosen by the insured person. If disability cover has been taken out, the compensation will be paid to the insured person.

How is the life insurance premium calculated?

The insurance premium is calculated according to the insured person's age and the capital required.
The older the insured person and/or the higher the capital, the higher the premium. Check the prices according to your needs; the premium can be much lower than you think.

What is the duration of life insurance?

The insurance policy is renewed annually (if you so wish) until you reach 70 years of age for death cover or 65 for complementary cover.

The insurer will never cancel your contract unless the premium is not paid.

Each year's premium is calculated according to the insured person's age and the insured capital, which entails a higher cost every year.

Who will receive the compensation in the event of an accident?

If the claim is due to death, the compensation will be paid to the beneficiaries specified when taking out the policy. This initial appointment can be subsequently changed.

When a bank is designated for collection, it will receive the compensation following the accident, and the rest of the capital, if any, will be paid to the beneficiaries.

If it were a disability benefit, the payment will be made to the insured person.

What circumstances are excluded from life insurance?

• Cover for risks arising from armed conflicts, nuclear energy and any classified by the Government as catastrophic
• The consequences of pre-exiting illnesses or accidents
• Death by suicide in the first year of the insurance
• Severe illness in the first three months

Is it compulsory to take out life insurance when being granted a mortgage?

In general, banks require a mortgage life insurance in which they are designated as beneficiaries for the amount pending payment, but you don't have to take out it out with that bank or the insurer they offer.

In any case, we highly recommended that you cover the amount of the debt. This insurance should be complemented with an insured capital for family protection.

What is the difference between funeral insurance and life insurance?

In short, in the event of death, life insurance pays a capital to the beneficiaries, whereas funeral insurance is responsible for managing the funeral service by paying the expenses arising from the service (with the limit of the contracted capital).

Does life insurance include healthcare services?

Yes, the following health-related services are included:

  • In-person psychological assistance: Psychological support service for you in the event of disability, severe illness, depression or suicide prevention, and for your relatives in the event of death.

  • Psychological telephone assistance: 24/7/365 psychological helpline service with an unlimited number and duration of calls for you and your family (parents, spouse or common-law partner, children, siblings and grandchildren) to manage different day-to-day difficult situations: personal crises, distress, stress, anxiety, etc.

  • DKV Club Salud y Bienestar: access to health prevention, promotion and recovery services at affordable prices.

What other services do I have in my life insurance policy?

In addition to those related to your health, you will enjoy the following:

  • Family assistance: in the event of death, your family will be supported by a family assistance manager, who will offer guidance in the provision of the funeral service, the processing of official documentation and bereavement care.

  • Legal advice and assistance over the telephone: Access to a helpline manned by lawyers that will provide advice on any legal queries, giving you guidance on any unforeseen event.

  • Online will: with DKV, you can write your will at any time and from any place using the Online Will tool.

What is understood by total disability and permanent disability?

It is the disability that completely incapacitates the insured person from performing any profession. 

Can I take out life insurance if I have an illness?

You will have to provide us with information about your illness so we can tell you if you can take out the insurance policy under normal conditions, if you have to pay a higher premium than normal, or if it is a risk that we cannot cover. Please, contact us.

If I contract an illness, can the insurer cancel my life insurance?

No, your contract will remain in force and will continue to be renewed automatically until the maximum age of cover (70 for death or 65 for disability or other complementary insurance).

Can I increase the insured capital in life insurance?

Yes, life insurance can be suited to the needs of the insured person, by increasing (or reducing) the insured capital and by including (or excluding) additional cover. We can also change the payment method or the appointed beneficiaries in the event of death.

Can I take out more than one policy?

Yes, you can take out more than one life insurance policy.

Will I still be insured in the policy if I receive the disability benefit?

No. The policy will be cancelled after paying out the compensation.

Are life insurance for mortgages compulsory?

This type of life insurance for mortgages is not compulsory, although it is highly recommended that we take them out to avoid our heir's from having to settle the payment for the home in the event we pass away.

Mortgage life insurance does not have to be taken out at the same bank in which the mortgage is formalised. In many cases banks offer payment facilities or better mortgage conditions to those who also take out life insurance for mortgages with them. This is very common when contracting services with a bank, and they are usually accompanied by other services such as contracting credit cards or other types of insurance, such as home or car insurance, etc.

As you will have noted, los mortgage-linked life insurancework differently to other life insurance policies. In these cases, the beneficiaries in the event of the policyholder's death are banking institutions. In view of this, taking out a life insurance for a mortgage seems like a good idea, as this means that the burden of returning the amount loaned to the bank disappears.

Mortgage-linked life insurance offered by banks is not usually the best option. The price of these life insurance policies is higher than the options offered by insurance companies specialised in this type of service, thus, it is advisable to compare the offering of insurance policies on the market.  

Who should take out life risk insurance?

Life insurance is designed to maintain the financial peace of mind of those who will remain when we are no longer here. Therefore, it is important to think about who depends or may depend financially on us, such as our partner, children, parents with a certain age, dependent people, etc.

In addition, if we have any debts, mortgages or our own business, we must consider the commitments that may directly fall upon our heirs in the event of misfortune.

If you have any questions about who should take out life insurance, find here additional information.

What capital is suitable for life insurance?

The capital in a life insurance must cover the family's expenses for a sufficient period of time. That is, that which covers the difference between the income (usually the salary) and the retirement pension (approximately 50% of the salary).

We must also consider any debts to be cancelled or if the family has savings that can be used in the event of an emergency.

In addition, the insured person's age and the family commitments (number of children and their age) are aspects to be considered.

A simple way of calculating the capital is multiplying the income, usually around 4 or 5 times the annual salary.

What is and how do we obtain a life insurance certificate?

The a life certificate is a document that informs on whether the deceased relative had health insurance or not; if so, the insurance firm will need to pay an indemnity to the beneficiary specified on the policy. This document can be obtained in different ways. 

  • A telematic enquiry: by accessing the digital portal of the Ministerio de Justicia, in the procedures section, we can request the life insurance certificate, the only requirement for which is having a digital certificate. The time frame for receiving the certificate is 7 days from the time the application is received. 

  • Face-to-face consultation: get Form 790 from the website of the Ministerio de Justicia, or by going to a local office of the aforementioned public body, filling it in and paying the corresponding fee. Once the corresponding fee has been paid, we need to appear before the general registry of last wills and testaments, or in one of the aforementioned territorial offices of the Ministry of Justice, showing the official death certificate of the person whose certificate we wish to obtain. 
     

Within a period of approximately 7 days, the registry will issue a certificate informing us of the contracts in force. These certificates will be collected in the same way that they were requested, in person or by email.

Can you cancel a life insurance policy before its maturity?

A life insurance policy can be cancelled before its maturity in the following cases:

  • Before the policy's maturity date.

  • Within 14 days of signing the life insurance contract as a withdrawal from the contract.

  • If the insurance company does not fulfil the contract or changes the terms and conditions of the product without prior notice.

Read the complete information here

Can life insurance be deducted from your tax return?

You can deduct your life insurance in these cases:

  • If you are self-employed, provided that the limit does not exceed 500 euros a year.

  • If your life insurance is associated with your mortgage loan. This only applies to mortgages signed before 1 January 2013.

  • Life-savings insurance or insured pension plans are taxed in the same way as pension plans.

Read the complete information here

Types of life insurance

Life insurance is one of the most popular insurance policies. This is because they protect your loved ones if something happens, such as you passing away, an accident or disability that does not allow you to continue generating income from work. 

  • Life-risk insurance: Its main purpose and cover is related to passing away, although the holder's disability or incapacity can also be included. 

  • Mortgage life insurance: This insurance covers the payment of a loan in the event of you passing away or a disability due to not being able to continue working.

  • Life-savings insurance: This insurance is taken out with the aim of supplementing retirement benefits, or savings benefits, to be able to meet unforeseen events. Unlike life-risk insurance policies, the policyholder, insured person and beneficiary of the policy are the same person.

Read the complete information here

What is the difference between a terminal illness and a serious illness?

A terminal illness is understood as that which, according to a specialist doctor, reduces the life expectancy of the insured party by no more than twelve months from the date of diagnosis. In the event of a terminal illness diagnosis, you may request an advance payment of 50% of the insured capital.

A serious illness is a condition that requires specific and urgent medical treatment for recovery but where life expectancy is not restricted. If you have taken out this cover, you can receive your chosen advance payment in the event that you suffer from any of the following illnesses:

  • Cancer

  • Coronary artery surgery (Bypass)

  • Heart attack

  • Renal failure

  • Stroke

  • Blindness (loss of vision)

  • Major organ transplants

  • Multiple sclerosis

  • Paralysis

  • Parkinson's

  • Alzheimer's

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