First of all, you have to be clear about what life insurance is . Life policies are part of the so-called personal insurance. Life insurance is a contract between an insurance company and the policyholder, by which the latter undertakes, by collecting a single or periodic premium, to pay a beneficiary the stipulated benefit in the event that the insured dies. or survive, within the term agreed upon as the duration of the contract.

It can be hired on your own life or that of a third partyand for one or more insured persons. It includes all the risks that may affect the existence of the insured (life or death) and who hires decides how much capital they want to insure.

This type of insurance is very widespread due to the help it provides for the family in the event of the death or disability of the insured if the family income depends on it or because it is linked to a loan.

From what age can you take out life insurance

Life-risk (death) insurance cannot be made to children under 14 years of age, as stipulated in the Insurance Contract Law , except if the death coverage is equal to or less than the premium paid for the insurance.

Between 14 and 18 years of age , this type of open care final expense plans can be contracted as long as the minor does not appear as the policyholder, but rather a third party and that the legal representatives of the minor - parents or guardians - give their express consent.

Restrictions when taking out life insurance

People with a disability , those with serious illnesses and Spaniards who do not reside in Spain are also subject to a series of conditions or restrictions in order to subscribe to life insurance in Spain. 

For persons with disabilities deprived by law of their powers to act for themselves, the same requirements are required as for minors.

Another group of people who have difficulties to ensure their life are those who suffer from serious diseasesprior to contracting the insurance. The insurance companies require a declaration of health and if the illness of the applicants is serious they are usually rejected. If these data are maliciously hidden, the insurer can cancel the policy as soon as it becomes aware of the disease or, if there is a claim covered by the policy, refuse to pay the agreed compensation.

Neither can Spaniards who reside for more than six months outside of Spain and have their tax domicile in another country that does not belong to the European Union (EU), may take out life insurance. In the event that they are domiciled in an EU country, they could hire it if the insurer accepts it, but this option is not offered by many companies.

The best: between 30 and 40 years