Is this calculator free?

Yes — completely free, no account needed. Nothing you enter is saved.

Can my bank force me to use their life insurance for my mortgage?

No — since DL 222/2009, banks must accept equivalent life cover from any ASF-regulated insurer. Banks may offer a slightly higher interest rate if you switch away from their insurance, but the saving on the insurance premium almost always outweighs the rate increase. Ask your bank to show the spread impact in writing before deciding.

Do I need life insurance if I already have a mortgage policy through my bank?

Your bank's mortgage life policy typically only covers the outstanding loan balance — it protects the bank, not your family's income. If you have dependants or a non-working partner, standalone income-replacement term life cover is usually also needed to cover living expenses, childcare and education costs beyond the mortgage.

Portugal Life Insurance Calculator 2025 – Seguro de Vida Cover Estimate

Portugal Life Insurance Calculator — Seguro de Vida Estimate

Calculate how much seguro de vida temporário you need: mortgage outstanding, income replacement years, dependent children's education costs, and Segurança Social survivor pension offset. No account, no personal data.

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Annual income (€)Partner's income share (%)Years of cover neededMortgage outstanding (€)Other debts (€)Dependent childrenSocial Security survivor pension (€/month)Savings & investments (€)Existing life cover (€)AgePolicy term (years)Smoker

Segurança Social survivor pension covers your family — but typically replaces only part of working income. Term life bridges the gap.

Portugal's Segurança Social pays a pensão de sobrevivência to the surviving spouse and children — approximately 40–60% of the deceased's pension reference base. For a typical working-age Portuguese, this is often €400–800/month. Enter your estimate to reduce the calculated cover gap.

Recommended cover

€390,000

Estimated annual premium

€1,420/year

€1,164 – €1,775

Estimate based on 2024 Portuguese term life (seguro de vida temporário) market rates. Not a real quote. Major providers: Fidelidade Vida, Tranquilidade Vida, Ageas Portugal, Allianz Portugal, Millenniumbcp Ageas, GNB Seguros (Novobanco). Bancassurance (seguro de vida associado ao crédito habitação) is very common — standalone term life is typically 30–50% cheaper. DL 222/2009 requires banks to accept equivalent policies from other insurers.

How Portuguese life insurance premiums have moved

Average annual premium for €250,000 level-term life insurance — Portugal (€/year, age 35, non-smoker, 20-year term)▲ 71% since 2016

Indicative market averages for standalone term life (seguro de vida temporário). Sources: ASF reports, APS statistics, Fidelidade Vida, Tranquilidade Vida and GNB Seguros published rates. Bancassurance (mortgage-linked life insurance) premiums may differ significantly. Premium increases from 2022 reflect higher reinsurance costs, post-COVID mortality experience updates, and rising household mortgage values (crédito habitação) as Euribor rises pushed property values higher.

Life insurance in Portugal — seguro de vida temporário vs. mortgage-linked

Portuguese life insurance comes in two main forms. Seguro de vida temporário (term life) is standalone cover that pays a fixed sum assured on death within a defined term. Seguro de vida associado ao crédito habitação (bancassurance mortgage life) is sold tied to a home loan and typically covers the outstanding mortgage balance. Banks commonly require mortgage life insurance as a condition of the loan.

DL 222/2009 (the “portability law”) requires banks to accept mortgage life insurance from any ASF-regulated insurer — not only from their own subsidiary. Standalone term life policies are typically 30–50% cheaper than bank-sold mortgage life cover for equivalent sums assured. Portuguese consumers are underinsured relative to northern European peers — most lack standalone income-replacement life cover beyond any mortgage policy.

Segurança Social survivor pension (pensão de sobrevivência)

Portugal's Segurança Social pays a pensão de sobrevivência to a surviving spouse and dependent children. The benefit is roughly 40–60% of the deceased's pension reference base. For a typical working-age Portuguese earning median salary, this equates to approximately €400–800 per month — a partial but insufficient replacement for a full working income. Factor this into your cover calculation (the calculator does so automatically).

Main life insurers in Portugal (2024)

Fidelidade Vida dominates the market. Other providers: Tranquilidade Vida, Ageas Portugal, Allianz Portugal, Millenniumbcp Ageas (BCP bank bancassurance), GNB Seguros (Novobanco). For standalone term life, use independent brokers or comparison sites (comparamais.pt, deco.proteste.pt) to get quotes from multiple providers.

Frequently asked questions

Is this calculator free?: Yes — completely free, no account needed. Nothing you enter is saved.
Can my bank force me to use their life insurance for my mortgage?: No — since DL 222/2009, banks must accept equivalent life cover from any ASF-regulated insurer. Banks may offer a slightly higher interest rate if you switch away from their insurance, but the saving on the insurance premium almost always outweighs the rate increase. Ask your bank to show the spread impact in writing before deciding.
Do I need life insurance if I already have a mortgage policy through my bank?: Your bank's mortgage life policy typically only covers the outstanding loan balance — it protects the bank, not your family's income. If you have dependants or a non-working partner, standalone income-replacement term life cover is usually also needed to cover living expenses, childcare and education costs beyond the mortgage.