Are there tax benefits for taking out life insurance?

We believe it is necessary to inform about all the benefits that can be achieved through savings in insurance company products. Tax benefits and also of profitability and solvency in the companies where we leave our money, for a correct and profitable management of it.

The government and its view of the solvency of the insurance sector

At the beginning of April, the Minister of Economy publicly pointed out the importance of the insurance sector during the economic crisis, a time when it has consolidated its strength. It has a weight of 5% of GDP in insurance premiums. But, most importantly, it has not represented a single euro for the Spanish economy, since no insurance company has had to be bailed out.

Precisely for this reason, we point out that savings in insurance companies are the safest there is. The solvency requirements imposed on these entities are reflected in the fact that none of them has collapsed in recent years, unlike the banking sector. The Government itself says that one of their advantages has been, and still is, the very prudent asset management carried out by insurance companies.

Main advantages of savings in insurance companies (taxation)

We are going to leave you an infographic in which, in a very simple and summarized way, the main advantages of the different products offered by the insurance companies are shown, which are:

1. Assured Pension Plan (PPA)
2. Individual Systematic Savings Plan (PIAS)
3. Individual Long-Term Savings Plan (SIALP)
4. Annuities

We have already detailed these advantages in previous posts, such as this one, in which we collected the advantages in the IRPF of the pension plan. Fundamentally they can be:

Reduce the IRPF taxable base on the contribution or that the benefits are exempt from taxation.

In addition to the security of your investment, of course.

As a result, the government, which shortened the term of the redemption from 10 to 5 years in order to obtain a tax advantage, is considering further improvements.

If you want to know in detail the advantages and what a good savings plan can offer you, contact us. Contact us and we will give you our best advice.