Gibraltar Life Insurance

If you are a living in Gibraltar, you may not be aware that you have the option of life insurance, critical illness cover and income protection policies from UK insurers at exactly the same prices as if you lived on the UK mainland. 

We offer a full range of products including single or joint life insurance and/or critical illness cover. Mortgage life insurance with or without critical illness cover. Income protection products for employed and self-employed people as well as family Income benefit if you wish to provide your loved ones with a monthly income if the worst were to happen. We also offer a plan fitting service to incorporate any of the elements above you may require into one tailored solution.

Who is it for

Permanent or temporary residents of Gibraltar who require personal protection and would like to know the options they have from UK based insurers at UK prices.

Are there special requirements because of Gibraltan residency

No. The policies are offered on the same terms they are to mainland UK residents. There are no additional hoops or processes for Gibraltar residents over and above what our insurers would ask of anyone else.

What are the benefits of using UK insurers

They are typically cheaper than the European or International style alternatives and very often a lot more simplistic when it comes to wording, caveats and claimable events. For example, a UK style life insurance policy once set up will pay out a claim in the event of death or diagnosis with a terminal illness with 12 or less months to live. The only caveat written into such policies is that they will not pay a claim for suicide for the first 12 months after set up. Thereafter any death claim is payable. It’s that simple!

What is the process

Either produce your quotes online or ask us to make contact to talk you though your options and guide you through the process. If you decide you’d like to proceed to an application for some protection, we complete what’s called a health and lifestyle questionnaire over the phone. This is some questions about your health history, lifestyle habits and possibly immediate family history. The whole process can normally be competed in around half and hour and in 70% of applications, you’ll have a decision by the end of that time. If after this, you choose to activate your policy you will be covered immediately.

Peace of mind

We only offer products from UK based and regulated insurance providers so you can be absolutely confident that any policy you take out through us is reliable and will provide the protection you or your loved ones need in the event of a claim. 

Case studies

Mr & Mrs Cushing came to us having lived in Gibraltar for 26 years. Their current policy was coming to the end of its term and they wanted to have some protection in place for some outstanding debts as well as funeral costs. They had gone to their local bank and asked for a quote for £40k of level term cover each until the age of 90. They were told it was not possible to get cover for that length of time and at their current ages (61 & 59 respectively), they would be looking at a maximum term of around 10 years after medicals and reports from their doctors. We were able to secure them the cover with a single phone call and no medicals or doctors reports for a little over £70 a month as a total cost for both their policies.

Ms West came to us to review her mortgage cover for the home she had bought in Gibraltar 4 years previously. At the time she had taken out cover via the mortgage provider and was paying £98 a month for £373k worth of decreasing cover with 27 years remaining on the term. She confirmed to us she was 43 years of age and a non-smoker. We were able to offer her options for the same cover at costs of either £23.40 or £25.02. Ms West opted for the more expensive option as it was with the same company she had her pension through. We were able to activate a policy for her the following day after a short review by the insurers underwriters. 

Mr Dometrio arrived in Gibraltar to take up a new job after moving from the mainland UK. His new role did not come with the death in service benefit he had received from his previous employer and he was keen to replace it with a life insurance policy as protection for his young family. He received a quote from a household name insurer offering an international style life insurance policy for £150k over a 25 year term at a monthly cost of £41.37. We were able to arrange a policy for the same sum assured but with a longer term of 40 years for just £10.63 a month from a UK based insurer. 

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