Life insurance

Best life insurance for your Portuguese mortgage

Looking for the right mortgage protection? We help you find the best life insurance to keep your home safe — quickly and easily.

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Why you need it

Mortgage protection that keeps your home safe

Protect your family’s home

Life insurance helps pay off your home loan if something happens to you — so your family won’t lose the house. Peace of mind, and their future kept safe.

Get bank approval faster

Having a policy ready shows you’re serious and makes the process smoother.

Secure a better loan deal

Showing you’re a lower risk can help you get better terms — like lower interest rates or smaller monthly payments.

How the health check works

Insurers need to understand your health status to assess the risk. Usually you’ll fill out a short health questionnaire; in some cases you might need extra exams like blood tests or heart checks. The outcome can depend on your age, the loan amount, and your answers in the form.

When should you get it?

Most people take out life insurance when they get their mortgage, so the loan and the policy start and end together. It’s important to review and update the policy if your loan amount changes, to keep your coverage accurate.

FAQ

Frequently asked questions

Is life insurance mandatory when applying for a mortgage in Portugal?+
It’s not a legal requirement, but in practice most Portuguese banks require mortgage protection insurance before approving a home loan. It gives the lender confidence the loan will be repaid. Technically optional, but proceeding without it significantly limits your financing options.
What does mortgage protection insurance actually cover?+
It repays 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 — providing targeted security for your property and family.
Can expats get life insurance for a mortgage in Portugal?+
Yes — expats are eligible, and most local banks accept non-resident borrowers. Acceptance depends on factors like age, nationality, health history and the insurer’s criteria. Some banks require their preferred providers, but you have the right to compare offers independently.
What’s the difference between life insurance and mortgage protection insurance?+
Traditional life insurance pays a lump sum to your chosen beneficiaries for any purpose. Mortgage protection insurance is tied specifically to your home loan, ensuring the lender is repaid directly. Some borrowers opt for both.
How much does mortgage protection insurance cost in Portugal?+
It depends on your age, health, smoking status, loan amount and duration. On average, premiums range from 10 € to 40 € per month, but vary widely. It’s worth comparing independent insurers and bank-affiliated providers.
Will I need a medical exam to get approved?+
Most applications start with a standard health questionnaire (age, weight, lifestyle, known conditions). Depending on your answers and the insurer, a medical exam or extra tests may be required. Simplified underwriting is sometimes possible, especially for lower loan amounts.
Can I change or cancel my mortgage life insurance later?+
Yes — you can switch providers even after your mortgage is approved, as long as the new policy meets the bank’s coverage requirements (some lenders require written approval). Switching can save money or improve coverage, so review your options periodically.

Don’t default to the bank’s policy

We compare mortgage life insurance to find you the right cover for less.

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