Most insurers offer their clients the possibility of choosing the payment method that best suits their needs. That is, to the question of whether I can pay my life insurance in monthly premiums, the answer is yes. But there is also the possibility of paying it quarterly, every six months or in a single annual payment.
Splitting the payment can include interest
Without a doubt, one of the aspects that we take into account the most when deciding to take out life insurance is the cost that it will have for us. Sometimes, we are aware of the importance of having this protection for us and our family, but we do not do it because we think that our economy does not allow it.
But yes it is possible. On the one hand, the cost of this policy is much lower than you might think at first, especially if you are young. In addition, many insurers usually include the option of splitting the payment without increasing the price of the insurance. Of course, sometimes we can find a company that does not provide us with this service.
For this reason, before taking out any policy, remember that life insurance can be paid month by month, and that we have this option to make it clear that we will be able to pay all the installments until the entire policy is paid. There are some insurers that do not charge us anything additionally, but the usual thing is that the final price of the contract will increase somewhat if we are going to make installment payments.
Paying the premium annually will always be less expensivebecause we will be saving any type of additional interest that the companies include.
It also does not hurt to compare prices according to the payment method, since some products can offer an interesting price reduction if you pay in one go, at the beginning of the contract.
In any case, the percentages are not usually extremely high and will depend on the type of subdivision that we have chosen. The usual is that the additional payment becomes 10% more on the total price of the policy.
If you want to check the prices of the best insurers in Spain and see what interests you the most, you can do it quickly and completely free of charge in this life insurance comparator, the most complete online.
At elmejorsegurodevida.com, in addition to choosing the payment method, you can design your life insurance by choosing the coverage you need, with a wide range of options so you can customize your insurance. You can also talk to a specialized advisor to design the best policy for you and with significant savings compared to other insurers.
And if you are looking for one associated with your mortgage, remember that take out life insurance with your mortgage bank in Spain it is up to four times more expensive than directly with the insurer. It is the conclusion of study “Comparative analysis of annual life risk premiums 2022”.
