Life insurance in Greece – Do you need it?

What to look out for Life insurance in Greece!


Written by Stavros Tsichlis, Ιnsurance Αdvisor at Insurance-Greece

If any of the points below have crossed your mind after your move to Greece, maybe you should start considering your life insurance options.

Ask yourself if would you like to achieve any of the following:

  • Contributing to the financial needs of your children or grandchildren
  • Settle funeral or repatriation arrangements in Greece
  •  Pay the outstanding balance owing on a mortgage / loan and other debts
  • Offset the loss of your income / pension
  •  A combination of all or part of the above
Knowing what you would like to accomplish with your life insurance policy and approximately how much money you would need to achieve these goals will help you determine how much life insurance cover you should consider purchasing.

Who would you like to insure under the life insurance policy?

Most insurance companies offer a variety of life insurance products to suit your lifestyle and family needs. You can get an insurance policy on your own life, or you can get one policy for both you and your spouse (called a joint life insurance policy). The most common joint life policy provides coverage when the first partner dies, leaving the life insurance benefit to the surviving spouse.

How long will you need life insurance?

Some points to consider are the following:

  • When will your mortgage be paid off? The amortization period of your mortgage will often determine how long your term life insurance policy should be.
  • What are your children’s and grandchildren’s future financial obligations? Marriages, business openings or studies are considerable expenses that must be accounted for.

Tip: Make sure to consider the exceptions and restrictions of the proposed policy

  • Do you plan to return to your own country at some point and if so when? A ten year period should be the least you should go for as the rate will be lower in that case.

Knowing for how long you’ll need life insurance coverage before you begin shopping will ensure you’re comfortable with the life insurance product you end up purchasing.

So now that you’ve got the how much, who and how long questions answered, you’re ready to shop. Below are some points you should also consider:

1.The life insurance company:

This is a very important decision you need to make. What is the company’s financial record? What is the agreed timeframe for a claim to be handled? What is the solvency margin of the firm you are about to sign up to and who is the underwriter? Your insurance advisor should be able to answer the above questions.

2. Review the medical information required to obtain the policy:

Typically the more medical information you provide, the better the price and the “cleaner” the policy. For a policy that asks few or no medical questions, you can bet the premium is higher for the same coverage then a plan asking for more information. Depending on the company, your age, and the amount of coverage you want, you could be asked to go through a basic medical exam.

3. Ask about renewal options:

Is the initial premium set for the entire length of the policy? Or is it adjusted every year as your age increases?

4. Confirm that the policy can be cancelled without penalty:

Most term life insurance policies can be cancelled at any time without penalty.
Make sure to check with your insurance advisor to see if the life insurance company has any unusual cancellation policies.

5. Consider the exceptions and restrictions for the policy:

As your life changes so do your life insurance needs and you may want the option to alter your coverage some day. It is also important to know in which cases your policy will not pay the beneficiary.

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