Life Insurance - any recommedations?

We hope to complete on an apartment shortly and the bank has tried to sell us their life insurance to pay the mortgage if my time is up and i still owe them money.  I know Spain is more expensive for this than the UK but the costs were crazy.  The bank has provisionally agreed to take an assignment of a UK policy, subject to seeing the policy and approving the assignment.  Hoever, if i can sort out a Spanish policy (that would pay in Euros) that may be easier. 

Can anyone suggest a website or broker who may be able to help get a Spanish life insurance policy?  I've had a quick look on the internet and seem to be able to get policies for home insurance, health insurance, car insurance, funeral insurance etc. but nothing about life insurance.

I'm no expert and others will no doubt correct me if I am wrong, but my understanding is that life insurance is optional and not obligatory.  The mortgage is secured against the value of the property and the life insurance is the bank trying to make more money out of you by taking a commission.  If you choose to have life insurance for your own peace of mind then fine.  But don't let the bank bully you into it; and don't let them link it to the mortgage. 

 Yes, life insurance is not obligatory

Hi david & ellie,

I can concur with Maria and jek that life insurance is not compulsory but unfortunately some (not all) banks will still enforce a ruling that to take their mortgage you will need to have life insurance.  Usually this would be their product but it is good to hear that they are willing to accept an existing UK policy - albeit provisionally!

Independent life insurance is widely available Spain and depending on age it need not be expensive.

Well, with the late climate, they might be willing to change their policies for buyers of their products....

Also check with bank if they have quoted for reducing balance cover.

Many banks initially do not but they will if you ask.

This type of cover is much much cheaper in the UK.

We finally completed on our Condado purchase.  We're heading out in February to sort out some of the furnishing and are already planning trips for Easter and the Summer.  The kids are almost as excited as we are!

We also had a result on the life insurance.  I didn't want to take that offered by the bank as it was really expensive.  Despite the bank acknowledging that life insurance was not compulsary, they did say that it was part of the mortgage offer that i had been given - which was quite a good deal. 

In the end the bank agreed to take an assignment of a UK life policy.  I could have taken a new policy but it was even better as i had an old policy that i had kept paying from when we bought our first house.  A very simple one page deed of assignment was accepted by the bank - sense prevailed.

Many thanks to all of you who posted replies.  Greatly appreciated.