Compulsory Insurance
Mar 4th 2010, 4:24 pm
#1
BE Enthusiast
Thread Starter
Joined: Apr 2006
Location: Manchester
Posts: 309
Compulsory Insurance
I have had a quotation from Bankinter for a small mortgage but they want me to have their life assurance which I have no problem with but they also want me to have 'Absolute & Permanent Disability Cover' the premiums are very high and its my opinion that they are 'Loading' a basic death policy?
Any comments welcomed before I send a reply to them.
Any comments welcomed before I send a reply to them.
Mar 5th 2010, 2:17 pm
#2
Forum Regular
Joined: May 2009
Posts: 41
Re: Compulsory Insurance
We had problems when taking out a loan with Unicaja and had to take out life insurance. Its a way for them to make some more money.
Mar 5th 2010, 6:27 pm
#3
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Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: Compulsory Insurance
Suggest you shop around or play hard ball with them - they will sell all they can especially to foreigners. Sad but true and probably no different to the UK. remember a mortgage (for residents) is tax deductable if if it for your main residence. But this is changing soon.
Mar 5th 2010, 6:51 pm
#4
BE Enthusiast
Thread Starter
Joined: Apr 2006
Location: Manchester
Posts: 309
Re: Compulsory Insurance
Suggest you shop around or play hard ball with them - they will sell all they can especially to foreigners. Sad but true and probably no different to the UK. remember a mortgage (for residents) is tax deductable if if it for your main residence. But this is changing soon.
Mar 6th 2010, 1:01 pm
#5
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Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: Compulsory Insurance
Remember the good old days in the UK when you got MIRAS - tax relief on mortgages well that still exists in Spain. It is for fiscal residents ie you declare for tax in Spain - there are terms and conditions - I think it is up to 9000€ interest, must be for main residence (not buy to let) and it is being stopped soon - ask a tax adviser or your bank for more.
