Insurance for expats in Spain | BMI Brokers

Electric skate / bike included in your home insurance in Spain

11 November, 2019/in Insurance for expats in Spain /by Silvia

Due to the increase of the use of electrical skates and bikes in all over our cities and due that there is no a clear regulation in Spain, at the moment, some Town Halls (Benidorm could be an example), require to take out a Public Liability insurance.

To anticipate this situation, some Insurance Companies have included the option to add this guarantee under the home insurance policy for your property in Spain, for the policyholder and the family unit living in the same address. The cover includes the Public liability insurance and also the legal protection in order to provide the maximum protection to their clients.

It depends on the kind of vehicle and the amount insured (150.000€ /300.000E) the extra cost will be approximately 20€ per year.

However, it is also possible to get an independent policy, with higher covers. In the case of bicycles (electric or not) even is possible insure them for thief outside home, road assistance, rescue, etc.

BMI insurane Brokers give personal attention answering your questions to find the best scooter insurance that fits your needs.

Leave us your details and our specialists will call you.

Three reasons to buy life insurance

12 September, 2019/in Insurance for expats in Spain /by Silvia

A proven product that everyone should protect themselves with. Life insurance is a necessary purchase that has the benefit of giving you and your family peace of mind.

There are many different types of cover that can be tailored to suit your needs and lifestyle. Life insurance not only provides financial protection in the event of death but it is also a savings product that offers benefits that are becoming ever more extensive and customisable, so it is not surprising that, after car and home insurance, it is the third most contracted insurance cover in Spain. The average profile of a person who contracts life insurance is a married male aged between 35 and 44 years old, but it is never too late or early to take out a policy.

1. Arrange a mortgage to buy a house In Spain, six out of ten homes are bought with a mortgage.

In this case, it is advisable to take out life insurance because, in case of death or permanent disability of the person who contracted the mortgage, the insurer will take over the payments to the bank and remove your partner or relatives from the economic responsibility that could be difficult to continue with. In fact, with most banks it is a pre-requisite as a guarantee before signing the mortgage. Until recently, banking entities conditioned their mortgage lending with an “obligation” to contract some linked products, such as Life insurance. But since a few years ago, with the approval of the European Parliament of the Mortgage Credit Directive, banks are prohibited by law from linking a mortgage to the purchase of insurance. You only need that your insurance company includes a clause in your policy registering your lending bank as the mortgage beneficiary. In that way, you comply with the request of the bank but you also save money. You could even save a difference of 700 euros as the products offered by the bank can be up to 300% more expensive.

2. Start a family Life insurance can also be a guarantee for those who are thinking about starting a family.

It should be taken into account that raising a child in Spain can be expensive. It has been estimated that a baby can cost 14,266 euros during its first year of life and 14,056 euros during the next two. On average, a child can represent the disbursement of 1,183 euros per month during its first three years, which represents 80.78% of the average monthly net salary of a worker. It will depend on each person’s standard of living, but before the child turns 18 the parents could have spent between 115,000 and 350,000 euros. If at any time one of the parents dies, it will be difficult for the family to maintain the same rhythm of life. In those cases, although the personal loss will be irreplaceable, life insurance could guarantee the necessary capital to meet family expenses. With Liberty Seguros, even if the insured dies in an accident along with his/her spouse and they have children younger than 18, the beneficiaries will receive double the sum insured.

3. Protect your income level Last year there were 3,796 serious occupational accidents in Spain. Of these, 618 had fatal consequences.

The possibility of suffering an accident at work or outside that causes a permanent or temporary disability exists, so it is a wise choice to protect your income level. It will depend on each policy, but the insured can receive an advance payment of the contracted capital in case of temporary or permanent incapacity that prevents them from working and, therefore, affects their income, whether as a result of an accident or illness. In fact, with Liberty Seguros, the insured will be advanced the sum insured for death if he/she is diagnosed with one of the following serious illness or needs one of the following operations: cancer, heart attack, cardiovascular accident, kidney failure, bypass surgery, paralysis and transplant of vital organs, in accordance with the terms established in the special conditions of the policy.

Sources: (2018, May) Profile of life insurer buyer in 2017. In: ICEA. (2018, February) Almost 42% of retirement pensions in Spain are lower than the SMI. In: El Economista. (2018, February) Occupational Accident Statistics 2017 in Spain. In: GTG. Paola, M. (2017) How much does it cost to have a child? In: La Vanguardia. (2013) A burial costs an average of 3,545 euros. In: OCU.

https://www.libertyexpatriates.es/opencms/opencms/noticias/Three-reasons-to-buy-life-insurance.html

When the community has a policy. Do I need home insurance in Spain?

30 July, 2019/in Insurance for expats in Spain /by Silvia

A community policy in Spain is designed to protect the property of the community.

That is the overall building structure and communal areas. However, it does not usually cover your own windows and doors, nor your contents such as clothes and electronic goods, or the kitchen, as examples.

Therefore, your contents will not be covered by a community policy.

Furthermore, if there is a leak from a pipe in your property, that subsequently damages the property below for example, then you are most likely liable to pay for any damage done to your property and your neighbours.

The community policy will cover communal pipes and pipes in communal areas, but it will not cover damage caused from broken pipes within your home. They are your responsibility.

As a result we would recommend that as a minimum you take out a first loss home insurance policy in Spain to protect you in such cases as well as contents cover.

What happens if one of our family in Spain passes away?

26 July, 2019/in Insurance for expats in Spain /by Silvia

We live in a wonderful country with fantatsic weather and an enviable lifestyle, which means we normally give little thought to what happens if one of our family in Spain passes away.

Would you know what to do? Who do you advise? What is the legal procedure? What if the recently deceased wanted to be returned to their native country for burial?

These are all questions we should give some thought to before something happens.

During a traumatic time, not knowing the answers to the above questions will only add to the distress and frustration at a time when it would be most unwelcome.

It is not just a case of writing a Spanish will. Although that is very important. You should make someone aware of what you would like to happen to you should you pass away.

Funerals are organised very quickly in Spain, typically 24 to 48 hours leaving little time to organise everything. If the deceased had wanted to be returned to their native country then organising transport to that country is going to be complicated and expensive, unless it has been planned for.

When someone dies a doctor is called to confirm the death and issue the death certificate. From then you are normally put in touch with local funeral directors. How much does a funeral cost? Do you know what this process involves? What is your grasp of the local language like? Will they understand and respect the wishes of the deceased? Do you know what you will be asked to sign?

If the answer is any of these questions is “I don’t know” then please read on.

You might want to consider putting in place arrangements that will avoid all of the potential problems of having to make quick decisions, in a foreign language at a highly emotional time by making arrangements now.

There are generally two ways you can organise profesional help now for these difficult times of life that face us all in the future.

It is possible to organise funeral arrangements now that fit with your family’s particular requirements. One way is to make a monthly payment to a company that will take care of these funeral arrangements and the costs for you if you pass-away.

The alternative is to decide make a one off payment to a Company that will take care of your funeral in due course, fixing the Price now.

The advantage of the monthly payment option is that you don’t pay for the full funeral cost up front. The payments are revised from time to time to take into account your age so they will increase as the years go by. You have the flexibility to change the company providing the service if you feel the premiums are too expensive or the cover is no longer appropriate.

The benefit of paying a one off amount is that you do not have to worry about an increase in premiums as you get older, or an increase of costs of a funeral.

With a 24 hour contact number, in a language you understand you can feel comfortable that at such a delicate time someone who does speak the local language will be there to help you through.

These types of policy include a variety of options including the following:

No medical
Up to 8 people on the same policy
Mortuary expenses
Funeral arranagements
Repatriation if included in the policy

If you would like to discuss either or both of these products further please contact us at our Mijas or Marbella office.

Are you self employed and think private medical insurance in Spain is too expensive?

8 May, 2019/in Insurance for expats in Spain /by Silvia

Well, you might be pleasantly surprised!

One of our insurance partners, who specialise in providing private medical cover, is offering the self-employed and their immediate family a very competitive product.

Not only are the premiums very attractive but you may be entitled to off-set up to 500 euros of annual premium against your tax liabilities, making the product even more affordable

This is full private medical insurance. No co-payments when you visit the doctor or have a diagnostic test. You pay the monthly premium and that is it.

It also includes 20.000€ of emergency worldwide cover and no grace periods except in the case of pregnancy.

The normal underwriting conditions apply and there must be a minimum of three members in the scheme to qualify for this product.

Remember, with the possibility that up to 500 € of premiums can be used in your tax calculations the actual cost could be even less.

Below is a table to help you calculate the cost

Age	Monthly Premium per person
0 to 19 years	39.01 euros
20 to 49 years	47.73 euros
50 to 54 years	56.91 euros
55 to 59 years	68.39 euros
Older than 59 years	108.33 euros

This offer is only available until the 31st July and if you are interested in knowing more about this offer or would like to take out a policy don,t hesitate to contact me

Kind regards

Why is it so important to have a death insurance?

24 April, 2019/in Insurance for expats in Spain /by Silvia

In times as hard as the loss of a loved one, we can save our family the whole process that involves a death, economically and emotionally speaking, are very delicate moments where your loved ones will have the peace of mind that everything will be in good hands .

For an amount less than you imagine, the insurance company would handle all the bureaucracy related to the funeral: funeral, burial or cremation, hearse, flowers, transportation and even repatriation to the country of origin if desired.

Do not leave your family in a delicate situation in case of death, for very little money give them the peace of mind they deserve.

Life Cover, is that not expensive?

23 April, 2019/in Insurance for expats in Spain /by Silvia

One thing is definite but it is something we do not like to think about or discuss with our loved ones and that is our inevitable passing away. It is difficult, who wants to bring this sort of matter up at the dinner table?

Whilst it is very difficult think about the following:

How many days are you covered for hospitalization in your private health insurance?

26 March, 2019/in Insurance for expats in Spain /by Silvia

Prolonged hospitalization constitutes a grave concern worldwide because it generates negative effects on the health system such as, for example: increase in costs, deficient accessibility to hospitalization services, overload of emergency services, and the risk of adverse effects

The causal agents of extended hospitalizations found with higher frequency are: delay in the performance of surgical and diagnostic procedures; need for attention in another complexity level; social-family situation, and the age of the patient.

When you take a private health insurance don’t look just the price. Although all the insurance companies could be the same, the covers are very different between them like the days of hospitalization which is one of the most important covers. Sometimes a patient has paid the hospital room having covered the contracted days in his insurance policy.