Beneficiary of Life Insurance

As you know, life insurance is a type of Personal Insurance on the payment by the insurer of the compensation agreed in the contract is dependent upon the death or survival at any given time.

When it comes to insurance in case of death, the beneficiary receives the amount stipulated in the policy when consumed by natural or accidental cause, the death of the insured.

We remind you that the beneficiary of a life insurance policy is the recipient of compensation. Although it is normal to be linked to the insured or the policyholder through family relate (children, parents ...), personal economic (close friends) or (business partners), you can appoint any person as beneficiary.

You can also designate more than one beneficiary per policy and identity change it at any time informing the company of the new decision.

One in four Spaniards have contracted some form of insurance that covers death or validity. However, sometimes they are known stakeholders who are beneficiaries of these policies in order to reclaim and receive compensation.

To remedy this situation exists, through the Ministry of Justice, the Life Insurance Register, with data from 50 million insurance policies written in 200 companies.

Any interested party may, if in doubt as to whether the deceased person had a death cover insurance, the Register may request (within 15 working days from the date of death) a certificate with existing agency contracts and which are subscribed.

Within a maximum period of seven days, the Registry will issue the relevant certificate and with the information obtained, we will be able person in the corresponding insurance company.

Certificates can also be requested through a notary.

Registration data Life Insurance will be saved for 5 years, after which period prescribed obligations.

Once we know our status as beneficiaries, to make the claim of the policy no lawyer is needed but we must personally contact the insurance.

Normally, it has a maximum of 7 days from the death of the insured to report the incident and proving your identity properly complete the formalities of claim.