Compare Life Insurance in Greece

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What is life insurance in Greece?

Life insurance (ασφάλιση ζωής) pays a sum to your chosen beneficiaries if you die during the policy term, providing financial security for your family. Greek plans range from term life, which covers a set period at lower cost, to whole-of-life and savings-linked policies that combine protection with an investment or endowment element. It is often taken to protect a mortgage, replace income, or leave a legacy.

How the Greek market works

Life insurance is sold by insurers directly, through agents and banks (bancassurance), and is commonly required — as decreasing term cover — when taking a mortgage. Products span pure protection term policies, unit-linked and savings plans, and pension-style products that supplement the state EFKA pension and any occupational cover. Major insurers include Allianz Greece, Eurolife FFH, Generali Greece and Ethniki Asfalistiki, offering individual and group schemes with varying sums assured and optional riders like critical illness.

Benefits

Family security — pays a lump sum to dependants if you die, replacing lost income.

Mortgage protection — decreasing term cover can clear an outstanding home loan.

Savings element — endowment and unit-linked plans combine protection with long-term saving.

Optional riders — add critical illness or disability cover to broaden protection.

Tax and estate planning — proceeds can help beneficiaries meet obligations and provide liquidity when needed.

How to choose

Decide whether you need pure protection (term life, cheaper) or a savings-linked plan, and set the sum assured to your family's needs — outstanding mortgage, income replacement and future costs. Compare premiums for the same cover, check the term, exclusions, and any medical underwriting. Review riders like critical illness, and for savings plans understand the investment risk and charges. Because pricing depends on age and health, compare quotes early and read the terms.

Leading providers in Greece

Allianz Greece and Generali Greece offer international scale and broad life ranges including protection and savings products. Eurolife FFH is a major life insurer distributed partly through Eurobank. Ethniki Asfalistiki, the long-established Greek insurer, provides wide agent access. All offer term, whole-of-life and savings-linked plans; the right choice depends on the cover type, sum assured and premium.

What it costs

Premiums are individually assessed by age, health, sum assured, term and product type, so they are quoted per applicant. Term life is the cheapest form of pure protection, while whole-of-life and savings-linked plans cost more because they combine cover with an investment or endowment. Premiums rise with age and any health loading. Comparing quotes for the same cover is the reliable value test. Buying younger locks in lower premiums for the term, and savings-linked plans carry investment charges that reduce returns, so separate the pure-protection cost from the savings element when comparing.

Protections and regulation

Life insurers are supervised by the Bank of Greece's private insurance department for solvency and conduct, under EU insurance rules including Solvency II. A Private Life Insurance Guarantee Fund protects policyholders if a life insurer becomes insolvent, within defined limits. Policyholders receive clear pre-contract disclosure and can escalate disputes to the insurer, the Hellenic Financial Ombudsman, or the supervisor.

Common questions

Term or whole-of-life? Term is cheaper pure protection; whole-of-life and savings plans combine cover with investment. Do I need it for a mortgage? Lenders often require decreasing term cover to protect the loan. What sum should I insure? Enough to cover debts, replace income and support dependants. Is my policy protected if the insurer fails? A Private Life Insurance Guarantee Fund provides protection within limits. Can I name multiple beneficiaries? Yes, you can split the sum assured between chosen beneficiaries and update them over time.

Life Insurance in Greece — FAQ