WHO IS THE BENEFICIARY IN DEATH LIFE INSURANCE?

WHO IS THE BENEFICIARY IN DEATH LIFE INSURANCE?

The main purpose of life insurance is to ensure capital to cover unexpected situations and ensure the economic tranquillity to the insured and their families.

WHAT MEANS TO BE A BENEFICIARY OF A LIFE INSURANCE

When life insurance is contracted for death cases, the beneficiary is the person designated by the insured to receive payment of the benefit insured in case of death.

It should bear in mind that anyone can have a life insurance beneficiary status, since it is the insured which designates it, regardless of which have relationship with the insured or not.

DESIGNATION OF BENEFICIARIES

The beneficiaries may be designated by the insured expressly (when the insured appoints them with names and surnames.) and generic (when the insured does not make the designation referring to specific individuals, but that only indicates its kinship, for example: children, spouse, heirs, nephews, etc.).

When the insured has not designated to the beneficiaries of life insurance contract nor generically or expressly applies the order of relationship established in the policy as it appears in the membership newsletter, which had to sign the insured to take the insurance of life and in the issued certificate. According to this order, first of all, the beneficiary would be the surviving spouse.

If you are missing, the beneficiaries would be the surviving children of the insured equally. If you have children or not being alive, the beneficiaries would be the parents of the insured (to equal parts or the survivor by all). Failing that, the legal heirs of the deceased would be the beneficiaries of life insurance.

At any time you can change or modify the designation of beneficiary or beneficiaries of life insurance while the policy is in force. There are two ways to do so: can be done by means of communication written to the insurance company or insurance mediator, or indicating expressly in the Testament.