Life insurance in Belgium: Complete guide for expats

Whether it’s helping loved ones cover everyday costs or paying off a mortgage, life insurance is designed to provide a financial cushion. In Belgium, policies are available through local and international insurers, including companies from other EU countries, offering a wide range of options. 

For expats, the picture can look a little different. Eligibility may depend on your residency status and you might need to think about how benefits reach dependents abroad. Currency or portability are also factors to think about if you move again in future. This guide explains the key life insurance options in Belgium and what expats need to know before applying.

This guide is for information only. Different types of insurance are suitable for different individual needs, so always get professional advice and support to choose the right policy for your unique situation.

What is life insurance?

Life insurance is a contract with an insurer that provides a payout, known as the death benefit, to your chosen beneficiaries if you pass away during the term of the policy. In exchange, you pay regular premiums that are set based on factors such as your age, health and the level of coverage you want. The benefit can be used to cover day-to-day living costs, repay debts like a mortgage, or provide long-term financial security for dependents.

For international residents in Belgium, life insurance also plays a role when it comes to long-term financial planning. It can help you manage obligations in your home country, support family members living with you in Belgium and abroad, and ensure assets are passed on in a way that aligns with your estate plans. By choosing the right policy, you create stability for loved ones even when the worst happens.

Types of life insurance available in Belgium

In Belgium, life insurance policies are usually grouped into three categories: pure death cover, savings life insurance (Branch 21), and investment-linked life insurance (Branch 23).

Here’s a quick overview of the main types of life insurance you’ll find in Belgium:

• Life insurance (death cover / term life equivalent): A straightforward policy that pays out a lump sum if you die during the contract term. There’s no savings element, so it’s often used to secure a mortgage, cover debts, or give your family short- to medium-term support.
• Branch 21 savings life insurance (whole life equivalent): A guaranteed-return product that combines life cover with a savings plan. Your capital is protected and grows at a minimum rate, with the chance of bonuses if the insurer performs well.
• Branch 23 investment-linked life insurance (universal / variable life equivalent): Premiums are invested in funds, so the value can rise or fall with the markets. It’s an option that offers more flexibility and growth potential, while still providing a payout to your beneficiaries.

	Life insurance (death cover)	Branch 21 (savings life insurance)	Branch 23 (investment-linked life insurance)
Coverage duration	Fixed term (e.g. 10–30 years)	Lifelong or long-term	Lifelong or long-term (if maintained)
Premiums	Lower, fixed for the term	Higher – usually fixed	Flexible – may vary with chosen funds or options
Payout	Only if death occurs during the term	Guaranteed on death, plus guaranteed savings return	Paid on death. The value depends on market performance
Cash value	None	Yes – grows steadily with guaranteed returns (plus possible bonuses)	Yes – invested in funds, but the value fluctuates
Best suited for	Covering time-limited needs like a mortgage	Long-term stability, estate planning and guaranteed growth	Expats who want flexibility and investment growth and are comfortable with risk

Life insurance (death cover)

Death cover is Belgium’s most straightforward form of life insurance. It pays out a fixed sum to your beneficiaries if you pass away during the agreed contract term. If you outlive the policy, the cover ends and no benefit is paid. Premiums are lower than with savings or investment-linked products, which makes it a cost-effective way to secure temporary financial protection.

Belgian insurers often market this as term death benefit cover and is commonly used to cover debts such as mortgages, replace income during children’s education, or to make sure dependents abroad continue to receive support while you’re living in Belgium. Policies are flexible in length and the insured amount can be adapted to your family’s needs.

For expats, death cover can be a practical short- to medium-term option. The trade-off is that it has no cash value and no lifelong guarantee. If you’re looking for both protection and savings growth, Branch 21 or Branch 23 policies may fit better.

Life insurance (Death cover) pros	Life insurance (Death cover) cons
✅ Lower, predictable premiums✅  Simple structure that’s easy to compare✅  Well-suited for mortgages, loans, or short-term expat stays	❌ No payout if you survive the term❌ No cash value or savings element

Branch 21 (Savings life insurance, with or without death cover)

Branch 21 is Belgium’s guaranteed-return life insurance. It combines life cover with a savings element, where your capital is protected and grows at a minimum guaranteed rate. Insurers may also add bonuses depending on their annual performance. Coverage can be lifelong or for a fixed term, which makes it suitable for both long-term estate planning and shorter-term financial planning.

For expats, Branch 21 offers predictability. The guaranteed savings element provides stable growth and can support estate planning if you expect to remain in Belgium. It’s less flexible than Branch 23, but more secure, and can complement pure death cover if you also need temporary risk-only protection.

Branch 21 pros	Branch 21 cons
✅ Guaranteed capital and interest on savings contracts✅  Stable, predictable growth with possible annual bonuses✅  Suitable for estate planning and long-term security	❌ Higher premiums compared to pure death cover❌ Less flexible if your situation changes or you move

Branch 23 (Investment-linked life insurance)

Branch 23 products are unit-linked life insurance contracts where your premiums are invested in one or more funds. Returns depend on market performance, so there’s no capital guarantee. While this adds risk, it also creates the possibility of higher returns and long-term growth than Branch 21. A life insurance element. A life insurance element ensures that your beneficiaries receive a payout if you die, although the level of protection varies by policy.

Branch 23 offers flexibility and growth potential. You can usually adjust contributions, switch between funds, and match the investment risk to your goals, which can be appealing if you’re comfortable with market fluctuations and want to build wealth alongside life cover. However, the complexity and varying tax treatment in different countries can all affect your outcome, soit’s important to check how a Branch 23 policy would be treated if you move abroad.

Branch 23 pros	Branch 23 cons
✅ Potential for higher returns through market investments✅ Flexible contributions, fund choices, and investment strategy✅  Can combine life cover with long-term wealth building	❌ Returns are not guaranteed and market risk applies❌ More complex to understand and manage than Branch 21

Life insurance requirements for expats in Belgium

Getting cover as an expat usually depends on your residence status and paperwork. Belgian insurers typically ask for proof of domicile and a valid residence permit before issuing a policy. EU/EEA citizens with municipal registration can usually apply without difficulty, while non-EU expats may need to show a longer-term visa or residence permit. Tourists and short-stay visitors are unlikely to qualify.

All applicants complete a health questionnaire, and higher cover amounts may trigger a medical exam or additional checks. The thresholds vary by insurer, but it’s common for extra evidence to be required once you apply for substantial coverage. Premiums are influenced by your age, health, lifestyle factors such as smoking, and your chosen policy.

Most insurers accept new applicants from 18, with maximum entry ages typically around 70–74. At higher ages or where health risks are present, cover amounts may be reduced. If you plan to relocate, ask your provider whether your policy will remain valid and if changes in tax residency could affect payouts.

How much life insurance do you need?

The right amount of cover isn’t the same for everyone. A good starting point is to add up the costs you’d want your family to manage if you weren’t there, and then subtract any existing benefits or savings. Add up the essentials, like:

• Your mortgage or other debts
• Years of living expenses you’d want to provide
• Education or childcare costs
• One-off items such as funeral arrangements or repatriation

Next, factor in any savings, investments, or death-in-service benefits from your employer. If you’re contributing to Belgian pension schemes, you may already have a degree of cover built in. For expats, the picture may be more complex, as dependents living abroad will rely on payouts in another currency

Before settling on a number, ask yourself: 

• Would this payout cover both debts and everyday costs for the years I want to secure?
• Does it reflect what my partner or children would realistically need if I wasn’t around? 
• And for family overseas, what would the payout look like after conversion?

Online tools and calculators from Belgian insurers such as ING and AXA let you experiment with sums insured and premiums, but may not fully capture cross-border needs. Treat them as a starting point and confirm the details with an adviser.

Life insurance costs and premiums in Belgium

What you’ll pay for life insurance depends on a mix of personal and product factors. The size of the payout, your age, health, lifestyle, and whether you choose a savings or investment-linked policy all influence the premium. Extras such as disability riders or premium waivers will also add to the cost.

On average, Belgians spend around 1,460 EUR per year on life insurance. Expats are generally priced on the same basis as locals, but very high cover amounts or risk factors such as frequent travel to high-risk countries can lead to higher premiums or stricter underwriting. To keep costs manageable, match the policy term to your real needs, skip unnecessary add-ons and compare quotes from Belgian and international providers.

How much does life insurance cost by type?

• Death cover (term life): Premiums are based on the sum insured, the contract length, your age, and health status.
• Branch 21 (savings life insurance): Usually involves a one-off insurance tax of 2%, an entry charge of around 5%, no ongoing management fees, and no withholding tax if you hold the product for at least eight years.
• Branch 23 (unit-linked life insurance): Includes an entry charge, annual management fees and the same 2% insurance tax on premiums. 

Buying life insurance in Belgium as an expat

Taking out a policy as an expat isn’t complicated, but you’ll need to follow a few steps. First, choose the type of policy and the amount of cover you need. The insurer will then ask you to complete a health questionnaire, and if you’re applying for a high sum or are older, you may be asked to undergo a medical exam. Expats will also likely need to provide proof of legal residence in Belgium, such as a residence permit or municipal registration.

Once the application is submitted, the insurer assesses it through underwriting. Straightforward cases can be accepted in a few days, while applications involving medical checks or larger cover amounts may take several weeks. Cover usually begins once the policy is signed and the first premium is paid.

Employer-provided life insurance

Many Belgian employers include life insurance in their group insurance packages, alongside pension contributions, typically paying a lump sum to your family if you pass away while employed. Employer-provided cover can serve as a useful baseline, but it usually ends if you leave the company or move abroad. Coverage amounts may also be fairly modest compared to personal policies, so you might need to supplement employer benefits with additional life insurance to protect dependents at home or overseas.

International life insurance vs local coverage

If you’re a resident in Belgium, a local Belgian policy is the simplest route. Priced and underwritten on the same basis as for Belgian citizens, it’s serviced locally, and issued by an insurer that’s supervised under the Belgian “twin peaks” model (the NBB and FSMA). Many Belgian policies can remain valid worldwide if you later relocate, although providers may add conditions, so it’s worth checking portability before you sign.

If you move countries frequently or want a policy that travels with you regardless of residence, international or “offshore” life insurance from specialist carriers can be an option. As these products are usually issued outside Belgium, Belgian consumer protections and tax rules may not apply in the same way as for a locally issued contract. Always check how claims would be serviced and how any payout might be taxed in both Belgium and your home country.

	Local Belgian policy	International policy
Eligibility & oversight	For Belgian residents, issued by an insurer under FSMA and NBB supervision	Issued outside Belgium; not subject to Belgian supervision unless sold via a local branch
Currency & payments	Premiums and payouts usually in EUR, with clear links to Belgian tax and benefit rules	Often multi-currency – tax and reporting depend on your country of residence at the time of the claim
Portability	Many policies remain valid if you move abroad, sometimes with conditions	Designed to follow you globally, but check recognition and local taxation

If you keep a policy outside Belgium or need to pay in another currency, managing the transfers can add cost. A Wise multi-currency account lets you hold balances in over 40 currencies and receive money with local account details in several major currencies. Premiums and payouts can be converted at the mid-market exchange rate without any hidden markups. For large sums, Wise applies fee discounts above £20,000 (or the currency equivalent) and provides dedicated support, with limits that typically reach around £1 million.

Life insurance beneficiaries and international considerations

In Belgium, you can usually name beneficiaries who live abroad. For standard death cover and most Branch 21 or Branch 23 policies, you choose the person or organisation, though tax and inheritance rules may still influence who ultimately receives the benefit. Some policies require additional documentation or proof of identity for non-resident beneficiaries, so always confirm the process when you set up the contract.

Tax treatment depends on the policy type and your residence as well as where the beneficiary lives. Belgian inheritance tax may apply if the policyholder was domiciled in Belgium at death, while beneficiaries abroad may also face local tax in their own country. Claims can usually be paid worldwide, but insurers often require certified copies and documents that need to be legalised by the authorities in the beneficiary’s country.

If your beneficiaries live outside the euro area, the value of a Belgian policy can be affected by exchange rates and conversion fees. Using a Wise multi-currency account makes it easier to receive and convert payouts at the mid-market exchange rate to preserve more of the payout’s real value for family living abroad.

Life insurance when moving countries

One of the most common questions that pop up for expats is what happens to your life insurance if you relocate. Many Belgian policies can remain valid if you move abroad, as long as you continue paying the premiums, but insurers may impose conditions such as naming a local contact, limiting coverage in certain countries, or adjusting the insured sum. Always check the rules in your contract before moving.

If your policy can’t be continued outside Belgium, you may need to either cash it in (for Branch 21 or 23 savings policies) or take out a new policy in your next country of residence. International life insurance products are designed to avoid these issues, but they may not carry the same consumer protections or tax advantages as Belgian-issued contracts. Reviewing your cover with an adviser before you move can help you avoid gaps in protection.

Tax implications of life insurance in Belgium

Life insurance in Belgium is subject to specific tax rules that vary depending on the product type. Premiums are usually subject to a 2% insurance tax at the time of payment, and Branch 21 contracts often include an entry charge that ranges from 2-5%. For payouts, Belgian inheritance tax may apply if the policyholder was domiciled in Belgium at the time of death, and rates differ by region and by the relationship between the insured and the beneficiary. For savings or investment-linked contracts, early withdrawals can also trigger tax consequences if they’re not held for the minimum period.

Beneficiaries living abroad may face local taxation in their own country on any payout received. Because rules differ between regions and change over time, it’s important to confirm the exact implications with a qualified tax adviser before taking out a policy or naming overseas beneficiaries.

Life insurance and estate planning

For many families, life insurance is also a way to plan how wealth and responsibilities are passed on. In Belgium, policies can be used to cover inheritance taxes or to make sure loved ones receive a guaranteed sum without delays. Branch 21 savings contracts are common for this role, since they grow steadily and provide predictable value over time. For expats, the main questions are where you’re considered domiciled, how Belgian inheritance rules apply, and whether your beneficiaries abroad need to pay tax in their own country.

Estates that span more than one country can involve large transfers overseas. A Wise account can make this simpler by offering high transfer limits and progressive fee discounts for transfers over £20,000 – plus dedicated support for big transactions..

Common life insurance mistakes to avoid for expats

One of the biggest pitfalls when arranging life insurance is underinsuring if dependents live abroad and the payout needs to be converted into another currency. What looks like a large sum in euros may not go as far after exchange rates and fees are applied. Another common issue is failing to update beneficiaries after life changes such as moving country, marriage, or the birth of a child.

Choosing the wrong type of policy can also be costly: a Branch 21 contract offers stability but may not suit short-term expats, while Branch 23 carries investment risks that not everyone is comfortable with. Finally, it’s easy for cover to lapse during a relocation if premiums are missed, so make sure your payments are set up in a way that works for you internationally.

Life insurance claims process

When a policyholder passes away, the first step is to notify the insurer quickly so the claim can be opened. Beneficiaries are then required to provide the death certificate and the original policy document as well as proof of identity and bank account details for the payout. If the death occurred abroad, insurers will likely need official certified translations of the documents.

Once the paperwork is complete, the insurer verifies that the policy was active, premiums were up to date and the cause of death is covered. Straightforward claims are often settled within a few weeks, but more complex cases, like large sums or deaths overseas, may take longer.

If you’re an expat family, you can expect that any cross-border claims will likely involve extra steps such as inheritance tax clearance or proving legal entitlement in another country. Payouts can usually be sent internationally, but just keep in mind that currency conversion and transfer fees may affect the final amount.

Getting professional advice in Belgium

Life insurance can be complex, especially for expats who face international tax and inheritance issues. Speaking with a licensed insurance broker or financial adviser helps ensure you choose the right type of policy for your circumstances. Many brokers work with both local and international insurers and can explain how different products fit with your residency status and long-term plans.

For impartial information, you can also consult the FSMA (Financial Services and Markets Authority) website, which offers guidance on life insurance products and consumer rights. Since every family situation is different, it’s best to use these resources as a starting point and then seek tailored advice before signing a policy.

Conclusion

Life insurance helps expats in Belgium protect their loved ones and plan with peace of mind. Some people just need straightforward death cover to secure a mortgage or provide temporary protection. Others prefer a Branch 21 or 23 policy that adds savings or investments to the mix. What works best depends on how long you expect to stay, who depends on you, and what cross-border rules might mean for your family. Getting professional advice is the safest way to make sure your cover really fits.

When the time comes to use a policy, dealing with money should be the least of your worries. Wise can take some of that stress away by making international transfers simple and transparent. You get the real mid-market exchange rate, a multi-currency account that works in 40+ currencies, and fee discounts on larger transfers. For very high sums, Wise also offers dedicated support. It means your family can focus on what matters most, while the financial side is handled in the background.

Helpful resources

FSMA: The Financial Services and Markets Authority provides consumer information and guidance on Belgian insurance products.

National Bank of Belgium: Details of prudential supervision and market stability in the Belgian insurance sector.

Ombudsman des Assurances: Independent body that helps consumers resolve disputes with insurers in Belgium.

Wise: Multi-currency accounts and international transfers at the mid-market exchange rate, with discounts on large transfers and dedicated support for high-value payments.