Term life insurance: what it covers, what it costs and how to take it out
If you die while the policy is in force, Allianz pays the sum you took out to the people you choose. They receive it as money and use it for whatever is needed at that point.
Here you can see how Allianz term life insurance works, which packages there are and what a real case costs, calculated with the Allianz rate calculator.
- Sum of your choice: €75,000, €100,000, €300,000 or €500,000, or another figure
- Six packages, from Básico to Todo Riesgo
- For residents of Spain, with an NIE
- Allianz quote in less than 24 hours on working days
Who it makes sense for
The real question is simple: if you were gone tomorrow, who would have a money problem? If a name comes to mind, it is worth working it out.
- You have a mortgage and the repayments come out of your salary.
- Your children still depend on what you earn.
- Your partner has no income of their own.
- You are self-employed: if you don't work, no money comes into the house.
- You have a loan, for example for the car or for home improvements.
- Part of your family lives outside Spain, and an inheritance here would mean paperwork, deadlines and taxes for them.
For that last case there is a practical detail: all six packages include cover for funeral costs and for inheritance and gift tax (Impuesto de Sucesiones y Donaciones).
What it covers
The basis is the same in every package: if you die, your beneficiaries receive the sum insured. What changes from one package to the next is the cover added on top.
In all six packages
- Death
- Notarial will (testamento abierto notarial)
- Funeral costs and inheritance and gift tax
Depending on the package
- Death from an accident and from a road accident
- Disability from an accident
- Serious illness
- Orphan's benefit after an accident
- Second medical opinion and 24-hour medical guidance
Permanent total disability is separate
Permanent total disability is added as supplementary cover and has its own sum insured, with the same figures to choose from. You decide whether you want it and for how much.
The six packages
- Básico
- Óptimo
- Ampliado
- Extra
- Profesional
- Todo Riesgo
Exactly what each one includes is shown in the Allianz quote: we send it to you with all six packages and the price of each, so you can choose with everything in front of you.
Which sum to choose
The sum insured is the money your beneficiaries would receive. You can choose €75,000, €100,000, €300,000 or €500,000, or give us another figure.
To get it right, put figures on what would still be outstanding without you:
- what is still to be paid on the mortgage, the car or another loan,
- the children's education,
- a few years of your family's standard of living.
If you are not sure, the Allianz rate calculator suggests a sum based on three figures: what you owe, how many children you have and your net income. You give them to us and we work it out with you.
Up to what age it covers you
According to the Allianz general conditions (July 2026 edition):
- Death cover runs up to the age of 80.
- Disability and serious illness cover, up to 67.
The conditions do not set a maximum age for taking it out. If you are unsure because of your age, send us your date of birth and we will tell you which cover you can have.
What it costs: a real example
The price depends mainly on your age, the sum insured, your occupation and the package. To give you an idea, this is the Básico package, calculated with the Allianz rate calculator on 29/10/2026:
| Age | Premium per year |
|---|---|
| Age 35 | €104.44 |
| Age 45 | €198.89 |
| Age 55 | €425.20 |
- Sum insured €100,000
- Annual payment
- Office job
- Postcode 38660 (Adeje)
- Our standard discount already applied
It is an example for guidance, not an offer. Your actual price depends on your age, your occupation, the sum insured and the package you choose. Age weighs the most: at 55 the same insurance costs about four times as much as at 35.
Do you already have another policy with Allianz? Then you also get an additional customer discount. The rate calculator recognises you by your NIE; that is why we ask for it in the form.
How it works
- You send us your details using the form, on WhatsApp or by email: date of birth, postcode, what you do for a living and NIE or DNI. If you already know what sum you want, tell us that too.
- We calculate it in the Allianz rate calculator and send you the Allianz quote with all six packages. On working days, in less than 24 hours.
- You look at it in your own time. If anything is unclear, you write to us or come into the office.
- If you decide to go ahead, we prepare the application with you. For that we need both sides of your NIE.
Asking for a price does not commit you to anything.
Who you are dealing with
- We are Profit Canarias, an exclusive Allianz agency, with an office in San Eugenio Alto (Adeje).
- We can help you in Spanish, German and English.
- The office is open Monday to Thursday, 10:00 to 17:00. It is closed on Fridays.
- If you ever have a claim, it is handled with us, in the same office.
Good to know
- To take it out you must be resident in Spain.
- You choose the beneficiaries and you can change them later.
- Before you sign you receive the Allianz pre-contract information note (nota informativa previa). Life insurance has no IPID: the mandatory document is that note.
- Need it for a mortgage or a loan? Allianz has a product designed for that: life insurance for your mortgage.
- More questions are answered under frequently asked questions.
For guidance only. What counts are the policy conditions and the Allianz nota informativa previa.