Life Insurance in Greece
Life insurance is an important consideration for anyone with dependents or financial obligations. Here’s what expats need to know about life insurance in Greece.
Why Consider Life Insurance?
Life insurance provides financial protection for your loved ones if you pass away. It can help cover:
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Outstanding debts and mortgages
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Day-to-day living expenses for your family
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Children’s education costs
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Funeral expenses
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Inheritance tax planning
Types of Life Insurance
Term Life Insurance
Covers you for a specific period (e.g., 10, 20, or 30 years). If you die during the term, your beneficiaries receive the payout. This is typically the most affordable option and is popular for covering specific obligations like a mortgage.
Whole Life Insurance
Provides coverage for your entire life, as long as premiums are paid. Often includes a savings/investment component. More expensive than term insurance but offers permanent coverage.
Endowment Policies
Combines life insurance with savings. Pays out after a set term or on death, whichever comes first. Can be used for specific goals like retirement planning.
Key Considerations
1. How Much Coverage Do You Need?
Consider your debts, your family’s living expenses, and how long they would need support. A common guideline is 10-15 times your annual income, but your situation may differ.
2. Medical Underwriting
Life insurance typically requires health questions and sometimes a medical exam. Be completely honest, as incorrect information can invalidate your policy.
3. Beneficiary Designation
Make sure your beneficiaries are correctly named on the policy and keep this updated if circumstances change (marriage, divorce, new children).
4. International Considerations
If you’re an expat, consider whether you want a policy from Greece or from your home country. There can be differences in how death benefits are paid and taxed.
Need Advice?
Life insurance is a personal decision that depends on your individual circumstances. We can help you understand your options and find appropriate coverage. Contact us to discuss your needs.