The application for a certificate of insurance can be requested after 15 working days from the date of death. Many people refer to their beneficiaries in a very ambiguous and general way, in cases where the insured only specifies « descendants » in the contract, all heirs established by law must be taken into account as descendants of the deceased. In the event of death without a will, adult children or, in the case of minor children, living parents or guardians must make the declaration of heirs, which must be carried out before a notary within six months of the death. For this purpose, it is necessary to present a certificate of last will to verify whether there is no will, as well as marriage certificates – if necessary – of death of the deceased and birth of the heirs. After that, the deceased`s property would be invented and valued in a public deed, indicating hereditary sentences. In this case, each child would inherit equally, although they may agree to allocate certain assets for the same value or to compensate each other financially for the difference. After all this, the heirs would have to pay inheritance tax. This can raise doubts about whether we should include life insurance policies in the will. This was done before the existence of the public register of life insurance contracts, but it is no longer necessary today because it exists and the amount of death compensation would be part of the inheritance. With risk life insurance, the beneficiary – usually children or spouse – receives a lump sum that is withdrawn immediately or as income if the insured dies while the policy is in force and up to date. Life insurance is a product that a person decides to protect the people they love most.

Although it is usually the parents who coincide with the legal heirs, it is possible to choose another person to receive the compensation. In this way, life insurance as a contract and not part of the insured`s estate is not part of the inheritance, and heirs are therefore not entitled to receive it if they are not the beneficiaries. If the beneficiary(ies) are not the legitimate or reserved sharers, they can only make claims if it is proven that there has been some form of fraud in this designation. The deceased insured may designate as beneficiary of a life insurance policy: through the register of death insurance contracts, which includes life insurance taken out by a deceased person. Although the testator`s legal heirs coincide with the beneficiaries, these two figures are completely different. Previously, if a deceased person had life insurance, this was stated in the will, which has not been the case since the establishment of the life insurance register, where you can check whether or not a person is a beneficiary of a policy. Similarly, the person who takes out life insurance acquires the obligation to pay a periodic amount, called a premium, in exchange for this coverage. There are different types of premiums that depend on the frequency at which payments are made, as well as the support available to the insurance. In general, the greater the coverage, the higher the premium. If we already know that the deceased had taken out life insurance, the next thing to do is to find out what happens to the capital, to whom or to whom the money corresponds.

`The policyholder may designate the beneficiary or change the previous designation without the insurer`s consent. The beneficiary may be named in the policy, in a subsequent written statement to the insurer or in a will. If, at the time of the death of the insured, there is no specific beneficiary or rules for its determination, the capital will be part of the borrower`s patrimony. It may also happen, although not very common, that the policyholder did not designate a beneficiary when subscribing to the product. In this case, as stipulated in the Insurance Contract Act, it is the legal heirs who receive the compensation and it forms part of the estate.