Life Insurance for Over 50s in Spain (2026): Costs, Eligibility, Best Options & How to Get Approved
If you're over 50 and living in Spain (or moving soon), you can still get life insurance—but the rules change. Prices rise faster, medical questions become more detailed, and some insurers limit coverage amounts or offer different policy types. This guide covers what life insurance options exist in Spain for seniors, what age limits to expect in 2026, how prices typically change after 50, and how to improve approval odds.
Can You Get Life Insurance in Spain After 50?
Yes—many insurers in Spain cover applicants over 50. But you'll usually see higher premiums, stricter underwriting, limits on maximum capital, and shorter terms. The key is choosing the right type of policy and being realistic about the coverage amount.
- Many insurers accept applicants in their 50s and 60s
- Premiums rise noticeably, especially after 55-60
- Medical questionnaires become more detailed
- Coverage amounts may be limited
- The right policy type and realistic expectations matter most
The Most Common Life Insurance Options for Seniors in Spain
1. Term / Risk Life Insurance (Most Common)
This is usually the best choice if your goal is mortgage protection, protecting a partner, covering debts, or income stability for a set period.
Best for:
Ages 50–65 who want strong protection for a defined period
2. Life Insurance with Disability Cover
Some policies allow adding permanent disability. This can be valuable, but it often increases cost significantly—especially after 50.
Best for:
Households where income loss would be financially devastating
3. Senior-Specific / Simplified Policies
Some insurers offer products designed for older applicants with simplified health questions, smaller coverage amounts, and different pricing logic.
Best for:
Applicants with health issues or those needing lower cover
4. Funeral Insurance (Often Confused with Life Insurance)
In Spain, funeral insurance is extremely common. It typically covers funeral services and costs, paperwork support, and sometimes repatriation services.
Best for:
People who primarily want funeral arrangements handled—not a replacement for life insurance
Typical Age Limits in Spain (What to Expect in 2026)
Every insurer differs, but these are common patterns you'll see:
New Applications
Often accepted into the 60s, sometimes up to around 70
Policy End Age
Some policies run until 70–75, others to 80+, depending on type
Higher Coverage
May have lower age caps for larger amounts
Key insight: If you're 50–60, you typically have far more options than if you're 65+. Applying earlier gives you better choice and pricing.
How Much Does Life Insurance Cost in Spain for Over 50s?
Premiums vary a lot by health and coverage size, but here's the realistic direction:
After 50
Premiums usually rise noticeably each year
After 55–60
Increases often accelerate
With disability cover
Costs can jump sharply
What Drives Price the Most After 50
Tip: After 50, the difference between insurers can be huge. Comparing properly matters more than ever.
What Coverage Amount Should a Senior Choose?
Most over-50 applicants fall into one of these goals:
Mortgage Protection
Coverage = remaining mortgage balance. Optionally add 6–12 months of expenses as a buffer.
Family Stability
If your partner depends on your income or pension: Coverage = 2–5 years of household expenses (or more if you support dependents).
Debt and Obligations Only
If you don't need big family protection: Coverage = debts + 12–24 months expenses.
Estate Planning
If you want to leave a guaranteed amount: Choose a fixed capital that fits your long-term budget and prioritize sustainability over maximum capital.
How to Improve Approval Chances After 50
Apply Before Your Next Birthday (Seriously)
Even one year can change pricing and eligibility brackets.
Be Honest and Consistent on Health Questions
Insurers care about consistency. If something is unclear, provide context rather than guessing.
Choose a Realistic Coverage Amount
High coverage amounts may trigger deeper underwriting or rejection.
Reduce Risk Factors You Can Control
If you're a smoker, quitting can materially improve pricing over time. If weight, blood pressure, or cholesterol are improving, note recent stabilisation.
Use a "Two-Step" Strategy If Needed
If you get declined: try a different insurer with different underwriting appetite, consider a lower capital amount, or explore senior-specific simplified products.
Seniors with Pre-Existing Conditions: What Happens?
Having a pre-existing condition doesn't automatically mean "no." In Spain, outcomes usually fall into:
Approved normally
Mild condition, stable treatment
Approved with exclusions
Condition-related exclusions apply
Approved with higher premium
Risk loading applied
Declined
Higher risk profiles, recent severe events
Key point: Your condition, stability, and medication history matter more than the label alone.
Bank/Mortgage Life Insurance for Seniors: What to Watch
If you're taking a mortgage in your 50s or 60s, banks may push their own life insurance. Before accepting, check:
Important: A bank "discount" can be cancelled out by expensive insurance. Always compare the total cost.
When Life Insurance May Not Be the Best Product After 50
Depending on your situation, alternatives may be more appropriate:
Funeral Insurance
If the primary need is funeral costs/services
Savings Buffer
If you have enough assets and minimal debts
Lower-Capital Policy
If affordability is the main risk
The best plan is the one you can keep active long-term.
Expert Insight: The Over-50s Life Insurance Reality
"Many expats over 50 think life insurance is no longer affordable or available. That's not true—but timing matters more than ever. At 52, you have far more options than at 62. Every year you wait narrows your choices and raises your cost. If you're considering it, apply now rather than 'next year.'"
Maya Kallio
Licensed Insurance Agent, DGSFP
Decision Framework: Which Policy Type for Over 50s?
Answer these 4 questions to find the right policy structure:
What's Your Primary Goal?
Mortgage Protection
→ Term life matching mortgage duration
Family Income Protection
→ Term life until retirement + disability
Inheritance / Estate
→ Term life with longest available term
Funeral Costs Only
→ Funeral insurance, not life insurance
How's Your Health?
Be honest—this affects which insurers to approach:
- • Excellent health: Apply to mainstream insurers for best rates
- • Controlled conditions: Compare multiple insurers; some are more flexible
- • Complex health: Use a broker who knows which insurers specialize in higher-risk
How Much Coverage Do You Actually Need?
After 50, less is often more. Calculate the minimum needed rather than aspirational amounts:
- • Outstanding mortgage balance
- • 2-3 years of household expenses
- • Specific debts to clear
Can You Afford Level Premiums?
Level premiums cost more upfront but stay fixed. Increasing premiums are cheaper initially but become very expensive in your 60s. Choose based on your budget trajectory.
Best Practice for Over 50s
Start with the minimum coverage you need, with level premiums, from an insurer that accepts your health profile. You can always apply for more coverage later if needed—but you can't undo a high-cost policy locked in at an older age.
Next Step
If you share:
- • Your age range (50–54 / 55–59 / 60–64 / 65+)
- • Whether you're buying for mortgage or family protection
- • Target coverage amount
- • Any major medical history (high level)
…we can recommend the best policy type and a realistic coverage plan.
Expert reviewed
Written and reviewed by licensed insurance agents Maya Kallio and Marco Elsinger, who have helped over 15,000 expats in Spain since 2012.
Maya Kallio
Licensed Insurance Agent
Since 2012
Marco Elsinger
Licensed Insurance Agent
10+ years
Languages: English, Finnish, Spanish, German, Swedish
Frequently asked questions
Still have questions? Check these answers or get in touch.
Can I get life insurance at 60 in Spain?
Often yes, but with more underwriting and usually higher premiums. Options narrow further after the mid-60s.
Can I get life insurance at 70?
Sometimes, depending on insurer and policy type, but expect lower maximum capital and more limited terms.
Do I need medical tests?
Sometimes. It depends on age and requested coverage amount. Even when tests are required, many people still get approved.
Is it worth adding disability cover after 50?
It can be valuable, but it increases cost. It's most useful if losing income would seriously harm your household.
What's the best strategy to keep costs reasonable?
Apply earlier, keep coverage realistic, compare multiple insurers, and choose a premium structure you can sustain.
How much more expensive is life insurance after 50?
Premiums typically increase 50-100% compared to the same coverage at 35-40. After 60, increases accelerate further.
What's the maximum age to apply for life insurance in Spain?
Most insurers accept applications up to 65-70, with some offering senior-specific products for older applicants.
Can I renew my life insurance after it expires?
Some policies allow renewal, but premiums will be recalculated at your new age. Others end without renewal option.
Should I choose term or whole life insurance after 50?
Term is usually more affordable and suitable for specific needs (mortgage, income protection). Whole life is rarely the best choice for new policies after 50.
What if I have health issues but still want coverage?
Apply to multiple insurers. Some specialize in higher-risk profiles. You may get approved with exclusions or higher premiums.
How long can my policy last if I buy at 55?
Many policies run until age 70-75, some until 80+. The term depends on the insurer and product type.
Is funeral insurance the same as life insurance for seniors?
No. Funeral insurance covers burial costs and services. Life insurance pays a lump sum to beneficiaries. They serve different purposes.
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