When you take out a life insurance policy in Spain, you will need to name a beneficiary. This is the person who will receive the policy payout in the event of your death. You can name anyone you wish as a beneficiary, including a family member, friend, relative or even a business partner. However, if you have a loan or mortgage with a bank, you may have to name the bank as beneficiary for the amount of the loan or mortgage. This will ensure that the debt is paid in full if you die before it is paid off. The remainder of the policy payout can go to your beneficiary (or beneficiaries). It is therefore up to you to decide how you want to distribute your life insurance payout. Talk to your financial advisor at TVT Insurance for more information. Contact us today to get started.