Spanish families need an average of 1,500 euros per month to meet their basic expenses, after suffering a serious unforeseen event that affects their income (disability, unemployment, death, etc.). Families in Madrid and Catalonia are estimated to have a greater financial need due to this type of situation, while those in Galicia and La Rioja have the smallest average expenditure in Spain (1,350 euros), according to the study conducted by Mapfre Vida, who analysed the attitude of Spaniards to life insurance, among others topics.   
 
Spanish citizens admit in the survey that their main concern is suffering a disability, a long-term illness or a job loss. They are also seriously concerned by significant economic losses and their own death or the death of a family member. Moreover, in these times,   over 80% of Spanish families do not consider themselves economically protected enough to face a serious unexpected event, such as the death of the family's breadwinner.

Mapfre's study also reveals that women have a greater concern for the future than men, but it also shows that Spaniards are more optimistic than our European neighbours to the possibility of dealing with unforeseen events, resulting in a lower savings rate. In fact, over 33% of respondents admitted to not taking any action to save for an unforeseen event, now or in the future.  

Among these measures, Life-Risk insurance is considered by 68% of the people as a suitable complement to public pensions for widows, orphans and for disability, while nearly half of respondents considered the financial support it gives as a great advantage.

In Spain, an average monthly pension for widows and orphans is about 950 euros and this situation may therefore represent a financial coverage reduction of 55% for an average Spanish family with a child (average cost per household of 29,782 euros per year). However, less than half of respondents have taken out life insurance and almost 50% of those with insurance have it linked with a mortgage or bank loan.

The study also shows that the majority of people with life insurance coverage are not familiar with the contracted product (death, permanent or temporary disability, accident leave, covering outstanding mortgages, illness, etc.), and over 70% do not know what their assured capital is.

Finally, a large majority of the population surveyed admitted that they would get a life insurance policy to cover their family, for peace of mind and for an unforeseen event.  On the other hand, among the main reasons that they give for not having life insurance, is lack of money (46.4 per cent) and lack of need, especially true for young people who have no dependents.