Do you know how to proceed to collect life insurance?

life insurance

After the death of a loved one comes the bad breath of putting in order all the legal aspects and, also, the financial ones. Raising the monetary issue in those moments is not easy but, for many families, clarifying and defining this aspect is an indispensable question, which will help shape their future: it is time to collect Life insurance .

Requirements to be able to collect a Life insurance

The first thing to be able to collect life insurance, obviously, is that there is a life insurance contract by the deceased. If you have it, your official papers should include a copy of the contract. If you do not know if it had or not,  you can make an inquiry in the  Registry of insurance contracts for coverage of death, dependent on the Ministry of Justice. This body collects all insurance with death coverage contracted in the country. Specifically, it saves the data related to the insured person, the insurance company, and the insurance contract signed.  This means that in this registry we will only be informed if such insurance exists or not,  and with which company it was contracted.

The second step to be able to collect life insurance is to know if you are the beneficiary or one of the beneficiaries of that policy. That is, of those designated to receive the money. If you do not have a copy of the contract. To find out you will have to contact the insurer directly. It will be this one who will confirm to us whether or not we are the beneficiaries. As well as the specific conditions of the contracted policy. 

Documents to present

Already with the certainty that you are a beneficiary, to collect life insurance you must prove your identity. The insurance policy already collects the information that identifies you as such but. In addition, you must present a photocopy of your ID. To prove that you are who you say you are, as well as the following documents. Which we indicate by way of example:

  • Death certificate of the insured person.
  • Insured’s medical certificate. You must collect the origin, evolution of the disease or accident that caused the death. If the death has been by accident, testimony of the judicial proceedings is necessary.
  • Certificate of the Registry of Last Wills Acts.
  • Copy of the last Will, Notarial Act of Declaration of Heirs or Judicial Order of Declaration of Heirs.
  • Total or partial auto liquidation of the Inheritance Tax or partial administrative liquidation.

When will I be able to collect life insurance? How long does it take to make the compensation payment?

Once all the documentation has been delivered. the insurer will be in charge of reviewing and comparing it, in order to approve the payment of the compensation and, thus, consider the process to collect the life insurance completed. If everything is in order, the insurer will make the payment  within 40 days from the declaration of the claim .

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