The mortgage ceases to be a problem
The capital pays off the outstanding debt in one go. Your family keeps the house without having to rely on managing the instalment with one less salary.
Individuals
Life insurance
At JORI we know how to value what is most important, which is why we help you plan the future of your loved ones.
Definition
What is life insurance
A life insurance policy pays a capital sum to the beneficiaries if the insured person dies and, if the complementary cover is taken out, also if they suffer a permanent absolute disability. Its real function is to replace the lost income: cover the outstanding mortgage, maintain the family's standard of living, and prevent heirs from having to sell assets to pay Inheritance Tax.
Advantages
Advantages of life insurance
You are not tied to the bank
The law prohibits conditioning the loan on taking out the insurance with the entity. Taking it elsewhere usually results in significant savings while maintaining the same capital.
Liquidity to pay the inheritance
The Inheritance Tax is paid before having access to the assets. Without cash, heirs sell in haste and below value.
The price is frozen at your current age
Taken out young and with a level premium, the cost does not increase later even if you fall ill. Each year of delay makes it permanently more expensive.
Profile
Who it is for
Families with a mortgage
Those with outstanding debt and a single main source of income are the profile with the most to lose.
Parents with dependent children
Families needing to secure the years until the children achieve financial independence.
Self-employed and business partners
Profiles without the safety net of an employee and with responsibility for business debts.
Estates with complex succession
Heirs who will receive illiquid assets and need cash flow to meet tax obligations.
Scope
Main covers of life insurance
- Death from any cause, including illness and accident
- Permanent absolute disability as a supplementary guarantee
- Additional capital for death by accident or traffic accident
- Constant or decreasing capital modality linked to mortgage repayment
- Advance of capital in case of serious illness according to modality
- Free designation and modification of beneficiaries at any time
The JORI method
How we work
Our specialists' experience turns every risk into knowledge, and that knowledge into a solution designed for you and your family.
Risk analysis
Every client faces a unique situation. We analyse each client's specific risks to detect vulnerabilities, assess security measures and propose improvements that strengthen the protection of their assets.
Programme design
All our programmes are designed to integrate every cover needed and to bring peace of mind to those who trust us.
Selection across the insurance market
We carefully select insurers and design exclusive insurance programmes, adapted to each client's particular circumstances, with a fully tailor-made approach.
Specialised claims management
Claims are the most vulnerable moment for a client. That is why it is so important to have specialists who provide support throughout the process.
Six generations and more than 130 years devoted to insurance.
Frequent doubts
Most frequently asked questions about life insurance
Am I obliged to take out life insurance with my bank?
No. The law regulating real estate credit contracts expressly prohibits linking the granting of the loan to taking out insurance with the same entity. The bank can require you to have insurance, but it must accept any policy with equivalent covers.
What capital should I take out?
As a practical reference: the outstanding mortgage debt plus the family's expenses for the years remaining until the children are independent. For many families, this amounts to between three and five times the annual gross income.
Is constant or decreasing capital better?
The decreasing capital accompanies the mortgage repayment and is cheaper, but only protects the debt. The constant capital maintains the full amount and also protects the family's standard of living. It is common to combine both in the same policy.
Is life insurance taxable?
The capital for death is taxed under the beneficiary's Inheritance Tax, with reductions according to kinship and autonomous community. If the policyholder and the beneficiary are the same person in insurance on a third party's life, it is taxed under Income Tax. The designation can be planned and has significant tax implications.
What happens if I become ill after taking out the policy?
Nothing: the policy cannot be cancelled or made more expensive due to a subsequent deterioration in your health. Precisely for this reason, it is advisable to take it out early, when the health questionnaire is still simple and the premium is low.
Does it cover disability as well as death?
Only if you take out the supplementary guarantee of permanent absolute disability. It is not included by default in all policies, and it is the cover most frequently missed, because a severe disability has an economic impact comparable to death.
Contact
Let's talk about protecting you
Insights
View the topic people and workforce What we have written about this
Practical guide
Collective health: medical network, reimbursement or mixed
The decision that most affects staff satisfaction is not the premium, it is the modality. And it depends on where people live, not where the headquarters is.
6 min readPractical guide
Pension gap: how to estimate how much is missing and where to start
The difference between the last salary and the first pension can be calculated with two data points. The difficult part is not the calculation, it is choosing the vehicle.
7 min readPractical guide
Flexible remuneration: how much the employee really earns
The €500 exemption and payment with gross salary are cumulative. The result surprises most financial departments.
5 min read
