Life Insurance in Portugal: What you need to know.

Life insurance can feel like a complicated subject, but at its core it’s about one simple thing: protection.

Protection for your family, your business, and even for yourself in the future.

If you are living in Portugal, have a NIF and a Portuguese IBAN (PT50), you can take out a Portuguese life insurance policy — whether you are a resident or a foreigner.

Here’s a clear overview of the main types of life insurance available in Portugal and how they might fit your situation.

Types of Life Insurance

1. Mortgage Life Insurance (Seguro de Vida Habitação)

• Required by most banks when you take out a home loan.

• Ensures that, if something happens to you, the mortgage is paid off and your family won’t lose the house.

• Covers death and often disability.

2. Classic Life Insurance (Seguro de Vida Clássico)

• The most traditional form of life insurance.

• Provides a lump sum to your chosen beneficiaries in case of death, disability or even a diagnosis. 

• Designed to protect families, offering financial security for children, partners, or dependents.

3. Redeemable Life Insurance (Seguro de Vida Resgatável / Seguro de Vida Misto)

• A mix between protection and savings.

• Part of the premium goes into a savings component that can be redeemed later.

• Interesting for those who want to combine protection with long-term financial planning.

Life Insurance for Different Needs

A) For Families

Life insurance ensures that, if the unexpected happens, your loved ones are financially protected. It can cover the mortgage, daily living expenses, and even future plans like children’s education.

B) For Business Owners

If you run a company, life insurance can protect your business partners and employees. In case of a fatality, it can provide stability and funds to keep the business running.

C) For Entrepreneurs and Professionals

Life insurance can also protect your income. In case of disability or serious illness, it helps guarantee that you and your family won’t face sudden financial strain.

Why Work With a Specialist?

The Portuguese insurance market offers many options, but not all policies are the same.

A specialist who knows the local market can help you:

• Understand what each type of policy really covers.

• Compare offers from different insurers.

• Choose the right option for your specific situation.

My advice is completely free and without any obligation. The goal is simple: to help you protect what matters most, with the right coverage at the right price.

Final Thoughts

Whether you’re protecting your family, your home, or your business, life insurance in Portugal can give you peace of mind.

And if you’re here, have a NIF and a PT50 IBAN, you already meet the basic requirements to get started.

My advice is completely free and without any obligation.

Let's talk?

Life Insurance in Portugal:What you need to know.