Life insurance
Legal Information, Insurance in Spain

2022 Guide To Life Insurance In Spain, For UK Expats After Brexit

Following Brexit, if I’m a Spanish resident do I need new life insurance in Spain?

No longer being a part of the EU, the UK is now a “third country” and operates outside of the EU’s economic structures. Following Brexit, the UK’s relationship with the EU has changed and expatriate residents need to understand that this new situation could have an effect on their life insurance policies.

The European Insurance and Occupational Pensions Authority (EIOPA) is advising all expatriates living in the European Union to check the small print in their life insurance policies – particularly those now with official residence in countries such as Spain and had previously taken out life insurance policies with an authorised insurer in the UK or Gibraltar.

EIOPA recommends asking your UK or Gibraltar insurer if your policy is still valid and to seek advice on the Spanish rules which could influence your policy. It is being suggested that, if your permanent residence is not in the UK, you may very well find that your cover is not valid and you should consider taking out new life insurance with a Spanish insurer.

If having checked with your current UK or Gibraltar life insurance provider you do find that a new life insurance policy is required we will be happy to help. efpg transacts business with a number of highly reputable life insurers here in Spain and we can help in finding you the right policy for your needs at a competitive price and in English.

Please do not hesitate in contact European Financial Planning Group or more simply efpg for any assistance or questions you may have on this issue or any issue regarding your insurance in Spain.

You can find out more about our life insurance policies for expats in Spain here.

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