DKV life insurance

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.

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.

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.

• 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

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.

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).

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.

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.

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

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.

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).

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.

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

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

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.  

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.

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.

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.

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

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

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

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