Life Insurance in Cyprus

Anyone who has a permanent or temporary residence in Cyprus can apply for life insurance. The only requirement is a utility bill that clearly states the applicant’s name and home address.

Life insurance in Cyprus is significantly cheaper than that offered in other European countries. The lower mortality cost is due to the high quality of life and high life expectancy.

We have no specific maximum insurance limit. The insurance amount generally depends on the insurance purpose, your income, your age and your health state. In case we are unable to offer the maximum life insurance amount, we can suggest that our client purchases another insurance policy as a rider, like the total permanent disability or critical illnesses insurance.

In case you are healthy regardless of your age, you are not obligated to undergo any medical exams. All we need from you is to truthfully and accurately reply to certain questions we will ask you. In case of a health issue, we might ask you to provide us with your latest medical exams.

The bank cannot actually make you sign a life insurance contract with the insurance company they are in partnership with. The Cyprus Competition Authority ensures the borrower’s right to find the life insurance contract that better responds to their needs in terms of both coverage and cost.

Your coverage will simply be terminated with no additional costs. You need to keep in mind that if your insurance is assigned to the bank, you have no right to stop it without the bank’s consent. In case your life insurance has surrender value, you can cash out your investment units based on the terms and conditions set by your contract.

In case you miss a payment, we will give you a month to pay. We will not freeze or terminate your contract. Our life insurance payment schemes are extremely flexible.