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Frequently Asked Questions

Not sure about something? See below frequently asked questions or contact us if you need any assistance.

Investment Funds are specifically designed funds owned by Hellenic Life and which are offered to our clients to invest in, in case they opt to purchase one of our investment products. The company maintains different funds with different levels of investment risk. Our goal is to offer our clients a satisfactory return in combination with the investment profile of each fund for your financial security.

“Surrender value” is the amount the policy holder will get from the company if he/she decides to exit the investment policy before maturity.

Yes, in order to be eligible for tax exemption on life insurance premiums paid, certain conditions need to be met:

The total of Life Insurance Premiums paid, donations, income from rent, and contributions to the Social Insurance Fund, approved Pension and Health Funds, and the General Health System (GHS) should not exceed 1/5 of your taxable income.

Insurance coverage must be at least fifteen times the annual life premium you pay.

The tax exemption depends on the rate at which your gross salary is taxed and only if this exceeds the amount of 19.500 euros per year. For further information you can call us at 80005433 or email us at

You may change the allocation of your existing fund value and your future premiums to one or a combination of the three investment funds linked to the plan in accordance with the terms of your contract. 

Hellenic Life is pleased to offer the “Future Plus Advance” insurance/investment plan which enables you to create capital in combination with life insurance coverage in order to financially support your children’s studies.  Click here to view the product characteristics.

Hellenic Life is pleased to offer you the “Dread Disease and Permanent Total Disability” plan that offers coverage for 20 serious diseases and Permanent Total Disability.  This plan is independent of any other health coverages you may have and provides an additional source of protection over and above.  Click here to view the product characteristics.

Our main concern is to provide efficient and qualitative service to all of our Customers. If you purchased our product through Hellenic Bank then, in the case of a claim under any of our offered benefits / coverages, all that is needed from you or your legal representatives is to inform your Customer Relationship Officer (CRO) at Hellenic Bank the soonest possible. Your CRO will then provide you with all the relevant information that is required for your claim to be submitted and assessed by our Company.

You can visit any Branch of the Hellenic Bank network, with over 60 service points throughout Cyprus. For additional information you can also contact the respective Customer Service officers of Hellenic Life through our call centre at 8000 5433.

Before you proceed with a life insurance cover, it is best to first think of your dependents. If you have children, a partner or other loved ones who rely on you for financial care, it’s worth considering how they would be supported financially should you die unexpectedly. You should always consider how their well-being will be preserved without your income, even if you do not actually leave them with unpaid mortgages or other debts.

Life insurance cover is always a very personal decision and will most likely depend on various factors – including how much your dependents rely on your income, counterbalanced by the amount you can afford to pay in premiums. Below you can find certain areas to consider prior to your final decision:

  1. Your mortgage

For many of us a mortgage is the largest loan we will ever have, so it worth thinking about how your family will be able to financially afford the loan repayments in the event of your death.  Life insurance for mortgage purposes is specifically designed for servicing this need and the duration of cover is usually linked with the duration of the loan.  The cover amount can either be fixed or decreasing based on the balance of your loan.

  1. Other loans and debts

If you owe money on any other loans or credit cards, these amounts will also need to be repaid by the administrators of your estate in the event of your death. Therefore, when calculating how much life insurance cover you need, these extra debts should also be taken into consideration.

  1. Your family expenses

Besides your debts, you should carefully think of all other expenses which your family could not easily afford without your income. As an example, calculate the amount you might need for covering food and utility bills and the running cost for your cars. If you have children, also include their education in your calculations and how much the everyday cost might be while in school, for their higher education and even further education.

Moreover, you should always contact your employer to learn how much life insurance cover they might pay in the event of your death. Employers usually provide death benefits equivalent to a multiple of your annual salary, which means that you might not need to buy the whole amount of the life insurance you originally calculated.

If you are not working, this does not automatically imply that you cannot benefit from such cover. For example if you are a parent, your partner could use your life insurance cover amount for childcare costs should you pass away.

  1. Your Income Replacement

Another way to calculate how much life insurance you need is to multiply your salary by the number of years you need to continue earning income. The benefit of this approach is that if you die unexpectedly, your dependents will not suffer financial losses because the compensation amount will allow them to maintain their current lifestyle. However, while you want your life insurance to cover current and future expenses, if you calculate the premium until your retirement you might find the monthly cost to be expensive, so you need to find a balance.

  1. Critical Illness

You may decide to add Critical Illness to your Life insurance coverage as an additional reassurance that your family will be financially supported in the event that you suffer from a serious illness and are unable to work. Combining this benefit as a rider under your Life insurance could imply lower premiums than if you were to buy two separate contracts. Critical Illness benefit covers a range of specific diseases, such as cancer and heart disease.

  1. Your funeral Costs

Funeral costs are another expense where Life insurance can assist in covering. This way you indirectly ensure the payment for your funeral before you die, so that you know that your wishes will be taken care of without your loved ones having to be financially burdened.