If you’re purchasing your dream home on the Costa Blanca and need a mortgage, the banks do like to encourage you to take out insurance.
But what type of insurance will you need? According to Spanish mortgage regulations, the ONLY insurance you are obligated to take out is FIRE INSURANCE. All other insurances are optional.
Neither are you obligated to take out insurance the bank are offering you. You can shop around. However you will need to make the bank as the beneficiary on the policy.
You are not obligated to take out life insurance, or any other insurance policies for that matter, apart from fire.
I will point out though… it is common practice for your local bank/branch to make it a requirement of your mortgage application, that you take out life insurance.
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