Best Life Insurance in Portugal for Your Mortgage
Looking for the right mortgage protection? At Portugal Mortgage, we help you find the best life insurance to keep your home safe—quickly and easily.
Why You Need Life Insurance for Your Mortgage
See how mortgage protection insurance can help keep your home and family safe.
Learn more about insurance in Portugal.
01
Protect Your Family’s Home
Life insurance helps pay off your home loan if something happens to you. That way, your family won’t lose the house. It gives you peace of mind and keeps their future safe.
02
Get Bank Approval Faster
Having a policy ready shows you’re serious and makes the process smoother. Here’s a guide on life insurance for expats if you’re new to Portugal.
03
Secure a Better Loan Deal
Showing you’re a lower risk can help you get better loan terms, like lower interest rates or smaller monthly payments.
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How the Health Check Works for Life Insurance
Companies need to know your health status. This helps them see how much risk is involved. Usually, you’ll fill out a short health questionnaire. In some cases, you might need extra exams like blood tests or heart checks.
Things that can affect this include:
– Your age
– The loan amount
– Your answers in the form
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When Should You Get Life Insurance for a Mortgage in Portugal?
Most people take out life insurance when they get their mortgage. That way, the loan and the policy start and end together.
It’s important to review and update the policy if your loan amount changes. That keeps your coverage accurate.
Frequently Asked Questions
Find answers to commonly asked questions about our products and services.
Is life insurance mandatory when applying for a mortgage in Portugal?
Life insurance is not a legal requirement, but in practice, most Portuguese banks will require mortgage protection insurance before approving a home loan. This coverage gives the lender confidence that the loan will be repaid, even in the event of the borrower’s death or permanent disability. While it may be technically optional, proceeding without it will significantly limit your financing options.
What does mortgage protection insurance actually cover?
Mortgage protection insurance is designed to repay the outstanding balance of your home loan if you pass away or become permanently disabled during the loan term. The coverage amount decreases over time, in line with your loan balance. Unlike general life insurance, it is linked specifically to your mortgage, providing targeted financial security for your property and your family.
Can expats get life insurance for a mortgage in Portugal?
Yes — expats are eligible to apply for life insurance in Portugal, and most local banks accept non-resident borrowers. However, policy acceptance depends on several factors, such as age, nationality, health history, and the insurer’s internal criteria. Some banks also require that the insurance be contracted through their preferred providers, although you have the right to compare offers independently.
What’s the difference between life insurance and mortgage protection insurance?
While closely related, life insurance and mortgage protection insurance serve different purposes. Traditional life insurance pays a lump sum to your chosen beneficiaries, which they can use for any purpose. In contrast, mortgage protection insurance is tied specifically to your home loan, ensuring that the lender is repaid directly. Some borrowers opt for both types of coverage to protect their property and provide broader family support.
How much does mortgage protection insurance cost in Portugal?
The cost depends on several personal and financial factors, including your age, health, smoking status, loan amount, and loan duration. On average, premiums can range from €10 to €40 per month, but these amounts may vary widely. It’s advisable to compare offers from independent insurers and bank-affiliated providers to secure the best conditions.
Will I need a medical exam to get approved for life insurance?
Most applications begin with a standard health questionnaire, which evaluates key risk factors such as age, weight, lifestyle, and any known medical conditions. Depending on your answers and the insurer’s policy, a medical exam or additional tests may be required. These assessments help determine your risk profile and premium rate. In some cases, simplified underwriting is possible, especially for lower loan amounts.
Can I change or cancel my mortgage life insurance later?
Yes — you are legally allowed to switch life insurance providers, even after your mortgage is approved. However, you must ensure that the new policy meets the bank’s coverage requirements, and some lenders may require written approval before changes are made. Transferring your policy can result in cost savings or improved coverage, so it’s worth reviewing options periodically.