Life insurance are those that cover the death of the insured and the beneficiaries are usually the relatives or friends of the deceased. Anyone can check if the insured had life insurance. We explain the steps to follow to find out and collect the life insurance policy.
The life insurance is a type of product that is often hired to ensure the economic stability of the family. Normally, the family member who contributes the bulk of the household income is the one who is insured, while the rest of the family members are the beneficiaries, that is, those who will collect the insurance in case the head family dies.
In the event of this eventuality, it is not uncommon for family members to be unaware whether the deceased was insured or not.
So how do you know if you are a beneficiary of life insurance?
The appointment of the beneficiary of the policy is specified in the Particular Conditions of the life insurance policy and can be done in two ways: expressly or generically. In other words, the explicit names of the beneficiaries may appear or they may be expressed in a generic way, for example, “the heirs” or “the descendants”.
If the family of the deceased is not sure if they are beneficiaries of the policy, there is a risk that they will be left without the benefit , since to access it, a series of procedures must be carried out after the death. Since we can be beneficiaries of many types of life insurance , it is best to be aware of what insurance our relatives have taken out.
How to check if there is life insurance and how to find out who the beneficiaries are
To make this check, you must go to the insurance file created by the Ministry of Justice and officially called the Registry of death coverage insurance contracts. This file is public, so all users can access it. By consulting this registry, you can know if you are a beneficiary of life insurance in a few days, since insurers are required by law to enter your information in it.
How long is there to claim life insurance?
The default deadline for communicating the death of the insured to the insured entity is 7 days. However, 7 days is usually considered too short a term, especially taking into account all the rest of the steps that the family must do when their relative dies.
Although this period is regulated by law, there are caveats in this regard. As long as there is no fraud or bad faith, that is, the death is concealed on purpose and with hidden intentions, this period may be exceeded as a general rule.
What does exist is a life insurance prescription period, which is 5 years. If the beneficiaries of the life insurance do not claim their compensation during that five-year period, the insurance will prescribe and nothing can be done about it.
In summary, life insurance companies can extend the 7-day period established by law, unless there is fraud or bad faith, and the insurance can be claimed within 5 years of the death of the insured.
Steps to follow to consult the insurance registry
To make this query, it is essential to follow these procedures:
Obtain the Literal Certificate of Death (original or certified copy): it is obtained in the Civil Registry of the place where the death occurred.
Get the Model 790 to pay the tax collection rate of 3.70 $. It can be done in a financial institution that collaborates with the Tax Agency.
Go to the Insurance Registry 15 business days after death and with the aforementioned documents to make the query.
Steps to follow to claim life insurance
Once the family has consulted the insurance registry, they can check whether the deceased had life insurance or not and who their beneficiaries are.
In the positive case, the beneficiaries will receive the corresponding data to contact the insurer and the final procedures will be carried out so that they can collect their share as beneficiaries.