Term life insurance in Italy
Term life insurance in Italy, explained in English
Valore Vita Reale Light is a Reale Mutua term life policy: if the insured person dies within the 10-year term, the beneficiaries receive a fixed lump sum of up to €300,000. You choose one of ten annual premiums from €25 to €500 and your age sets the cover. No medical examination, and the premium qualifies for an Italian tax credit.
From €25 a year age 30: €20,225 of cover for 10 years, no tax on the premium
English-speaking advice included
Every policy comes with advice in English at no extra cost: before you buy, when you read the Italian documents and when you make a claim. Call +39 0141441493, write to info@assicurazionecastellodiannone.it or book a call or visit.
What Valore Vita Reale Light covers
A lump sum if you die, whatever the cause
If the insured person dies during the 10 years of the contract, Reale Mutua pays the sum insured to the beneficiaries you have named, whatever the cause apart from the exclusions below. Maximum sum insured €300,000. If the insured person is alive at the end of the term, nothing is paid.
Source: Valore Vita Reale Light Insurance Conditions, art. 1 and 2
Premium and cover fixed for 10 years
You pick one of ten annual premiums (€25, €50, €75, €100, €150, €200, €250, €300, €400, €500). The sum insured depends only on that premium and on your age at the start, and neither changes for the whole term. Pay once a year, or in two six-monthly instalments from €50 a year.
Source: Valore Vita Reale Light Insurance Conditions, art. 1, 4 and 5
No medical examination
A signed health declaration in the application is enough. Medical tests are requested only if your total death cover with Reale Mutua on the same life, this policy included, exceeds €300,000.
Source: Valore Vita Reale Light Insurance Conditions, art. 2.1
The money belongs to your beneficiaries
Under Italian law the beneficiaries acquire their own right to the sum: it does not form part of the estate, is not subject to Italian inheritance tax, is exempt from Italian income tax and cannot be seized by creditors. You can change beneficiaries at any time.
Source: Valore Vita Reale Light Insurance Conditions, art. 3.5, 9, 13 and 14
Can be assigned to your mortgage lender
You can assign the policy or tie it in favour of a bank (vincolo), for example the lender of your mortgage. It takes effect once Reale Mutua records it in an endorsement, and from then on withdrawals and payments need the lender's written consent.
Source: Valore Vita Reale Light Insurance Conditions, art. 15
Italian tax credit on the premium
19% of the premium can be deducted from your Italian income tax (IRPEF), within €530 of premiums a year for all your life and accident policies combined, if you pay by traceable means and the insured person is you or a dependent family member. There is no insurance tax on the premium.
Source: Valore Vita Reale Light Insurance Conditions, art. 9; art. 15 TUIR
What it costs
It works the other way round: you choose the annual premium, from €25 to €500, and the sum insured comes from the insurer's tariff table for your age band. For the same premium, the cover falls as age rises. Four examples from the table:
Age 30, €100 a year
€80,900 of cover
Fixed for 10 years. Estimated tax credit €19.00 a year.
Age 35, €300 a year
€165,600 of cover
Fixed for 10 years. Estimated tax credit €57.00 a year.
Age 40, €250 a year
€89,000 of cover
Fixed for 10 years. Estimated tax credit €47.50 a year.
Age 45, €500 a year
€111,000 of cover
Fixed for 10 years. Estimated tax credit €95.00 a year.
Sums insured from Reale Mutua's tariff 282C, the same table used by the online quote. Not every premium is available at every age. Tax credit: estimate of 19% of the premium. Indicative estimate based on the rules currently in force: check with your accountant (commercialista) or a CAF (tax assistance centre).
Before you sign: limits and exclusions
Waiting period of 6 months
If death occurs in the first 6 months, nothing is paid, unless it is caused by an accident, anaphylactic shock or one of the acute infectious diseases listed in the Conditions. Death from AIDS or related conditions is excluded for the first 5 years.
Source: Valore Vita Reale Light Insurance Conditions, art. 2.1
Moving outside the EEA ends the contract
If the policyholder moves their domicile to a country outside the European Economic Area (the EU plus Iceland, Liechtenstein, Norway and San Marino, as the Conditions define it), the contract ends and the premiums paid stay with Reale Mutua. The United Kingdom is outside the EEA. Any move to another country must be notified by letter within 30 days.
Source: Valore Vita Reale Light Insurance Conditions, art. 2 and 3.2
Exclusions
Suicide in the first 2 years; wilful misconduct of the policyholder or beneficiary; active part in intentional crimes, riots or rebellions; war breaking out while you are abroad in a country previously at peace, beyond the short initial period the Conditions allow; driving without a valid licence; flying on unauthorised aircraft; non-therapeutic use of drugs or abuse of psychotropic medicines.
Source: Valore Vita Reale Light Insurance Conditions, art. 2
Dangerous jobs and sports
Some professions (for example police, armed forces, construction or mining work) and sports (climbing, diving, air sports, combat sports, motor racing) are considered dangerous. If you do one, tell us before applying: the standard declaration cannot be signed and the insurer assesses the case separately.
Source: Valore Vita Reale Light Insurance Conditions, art. 2 and Annex 1
No surrender value
It is pure protection, not savings. There is no surrender or paid-up value: if a premium remains unpaid for 40 days after it falls due, the contract ends and the premiums already paid stay with the insurer.
Source: Valore Vita Reale Light Insurance Conditions, art. 4.2, 6 and 7
Age limits and fixed term
You can take it out between ages 20 and 59 (insurance age) and the cover ends after 10 years, at 69 at the latest. On a mortgage longer than 10 years, the cover stops before the loan does.
Source: Valore Vita Reale Light Insurance Conditions, art. 2 and 5
If you have recently moved to Italy
Life cover for an Italian mortgage
If your bank asks for life cover on your mortgage (mutuo), note that this policy pays a fixed sum for 10 years and can be tied in favour of the bank. Whether your bank accepts it in place of its own policy is the bank's decision: ask before you sign either.
If you might move back to the UK
Moving your domicile outside the EEA, the UK included, ends the contract without any refund of premiums. If a return is likely within 10 years, take that into account before you choose this policy.
Source: Valore Vita Reale Light Insurance Conditions, art. 2
The tax credit needs Italian income tax
The tax credit reduces Italian income tax (IRPEF): it is only worth something if you pay IRPEF in Italy. Under the flat-rate regime (regime forfettario) it does not apply unless you have other income subject to IRPEF.
What you need to apply
An Italian tax code (codice fiscale), an ID document for the policyholder and the insured person, the signed health declaration, the names of your beneficiaries and the customer identification form required by anti-money-laundering rules. We help you fill it in, in English.
Source: Valore Vita Reale Light Insurance Conditions, art. 3.1
How it works
Get your quote online, in English
The price is calculated on the insurer's tariff from the details you enter. The quote is free and does not commit you to buy.
Go through it with an English-speaking adviser
Before you sign we send you the pre-contract documents (DIP and additional DIP) and the Insurance Conditions. They are in Italian, the version that is legally binding: we walk you through them in English, at no extra cost.
Sign and stay covered
You sign online or at one of our offices. When you need to make a claim, you deal with us in English and we handle the paperwork with the insurer.
Frequently asked questions
Can expats get term life insurance in Italy?
Yes. If you live in Italy and the insured person is aged 20 to 59, you can take out Valore Vita Reale Light with an Italian tax code, an ID document and a health declaration, without a medical examination. Keep in mind that moving your domicile outside the European Economic Area, the UK included, ends the contract.
How much does term life insurance cost in Italy?
You choose the premium: from €25 to €500 a year, fixed for 10 years, with no insurance tax. The cover depends on your age: for example €80,900 at age 30 for €100 a year, or €165,600 at age 35 for €300 a year. The maximum sum insured is €300,000.
Is it suitable as life insurance for a mortgage in Italy?
It can be. The sum insured stays the same for 10 years and the policy can be tied in favour of your lender (vincolo). It does not reduce with the loan balance and lasts 10 years, so on a longer mortgage it covers only the first part. Whether a bank accepts it instead of its own policy is up to the bank.
What happens if I move back to the UK?
The Conditions say that if the policyholder moves their domicile outside the European Economic Area the contract ends and the premiums paid stay with Reale Mutua. The UK is outside the EEA. You must also notify any move to another country by letter within 30 days.
Is the premium tax-deductible in Italy?
Yes: 19% of the premium is deducted from your Italian income tax, within €530 of premiums a year for all life and accident policies combined, if you pay by traceable means. On a €300 premium that is an estimated €57.00 a year. Check your own case with a commercialista or CAF.
Do I need a medical examination?
No. You sign a health declaration in the application. The insurer asks for medical tests only if your total death cover with Reale Mutua on the same life exceeds €300,000. Answer the declaration accurately: incorrect or incomplete answers can reduce or cancel the payment.
Can I cancel the policy?
Yes. You can withdraw within 30 days of the start date and receive the premium back, minus the part for the risk already covered. After that you can stop paying at any time: the contract ends 40 days after the unpaid instalment, with no surrender value.
Ready to see your price?
Free online quote, explained in English by a registered Italian insurance intermediary.
Valore Vita Reale Light is underwritten by Società Reale Mutua di Assicurazioni and distributed by Assicurazione Castello di Annone di Rabacchin Matteo, insurance intermediary registered in the Italian Single Register of Insurance Intermediaries (RUI), section E, no. E000517439, supervised by IVASS. This page is a summary in English: the Insurance Conditions (in Italian, PDF) and the pre-contract documents you receive before signing are the legally binding texts. You can withdraw within 30 days of the policy start date. Online quotes may not be available in your region. Complaints and regulatory information: reclami (in Italian).