It is very common for adults between 35 and 40 years old, especially those who have dependents, consider taking out life insurance. In this way, those who want to change beneficiaries of Life Insurance will have financial resources to face the death or total and permanent disability of the insured.
Undoubtedly, the Life insurance It is an ideal product for those who want their loved ones to have certain financial guarantees in the event that they die or other events occur.
To get the best life insurance, it is best to choose to hire the services of a good insurance consultancy. This is the case of Euroteide Insurance, an Insurance consultancy in the southern area of Tenerife that, with more than 20 years of experience in the Insurance sector, will put at your disposal all their good work to get Life Insurance, the Car insurance or Health insurance that best suits your needs and yours.
What is a insurance of life
Un Life insurance is a type of insurance by virtue of which the insurance company will pay a certain sum of money to the beneficiaries of the Life Insurance —Usually the insured's relatives or spouse— in case of death of the insured.
Thus, life insurance is emerging as a good product that protects assets and guarantees the necessary resources for the insured's family in the event that the insured dies or cannot continue working as a result of a disability or serious illness.
Difference between the policyholder, the insured and the beneficiary
The jargon used in Insurance is often complex, with terms that are often confused. However, it is essential to know which parties are involved in an insurance contract to fully understand the policy that is being contracted. An Insurance contract has three parts:
- Taker: the policyholder is the policy holder, that is, the person who has contracted the insurance and who pays the premium for it. Thus, the policyholder is the only one who can modify the data related to the direct debit of the premium or consult the information related to payments, among many other things. The policyholder and the insured are usually the same person, although they do not necessarily have to coincide.
- Insured: the insured is the person who is protected by the Insurance policy, either as a natural person or as their property and assets. Thus, the insured is the owner of the insured interest and has the essential right to collect compensation in Damage Insurance —this does not happen in Life Insurance, as is obvious.
- Beneficiary: The beneficiary of the Insurance is the person or persons designated by the Policyholder who are entitled to receive the benefit that was agreed with the insurance company when contracting the Insurance. Ultimately, the beneficiaries of life insurance are the people who will receive the insured capital in the event that the insured dies or is permanently disabled.
What rights does the beneficiary have
The fundamental right that the beneficiaries of a life insurance have is the collection of the economic benefit that had been agreed with the insurance company in the policy. Thus, the beneficiary will be who receives the insured capital in life insurance. In addition, any person has the right to consult the existence of other Insurances in order to manage their collection, for which they must go to the Registry of Insurance Contracts with Death Coverage. However, in order to receive the sum of money, it is necessary that you meet certain conditions:
- Expressly appear as beneficiary in the policy.
- Settle the taxes involved in the collection of Life Insurance. The collection of the insured capital in the Life Insurance policy is subject to Inheritance and Gift Tax. This is of vital importance, since the insurance company will only be able to make the payment of the capital insured in the policy once the beneficiary has justified having presented the liquidation or self-assessment of the corresponding tax.
Can I change the beneficiary of my life insurance?
El Article 84 of the Insurance Contract Law establishes that, at any time, the designations made when contracting an insurance policy may be modified. This means that, effectively, you can change the beneficiary of your life insurance. However, it must be taken into account that it is the last will of the policyholder that prevails, so that it will be the last designated beneficiary of the life insurance who will receive the capital insured in the insurance policy in the event of death.
There are two ways to change the beneficiary of Life Insurance:
- Through the testament: it is enough that the insured express in his will his desire to designate a new beneficiary or change the same one. In this case, it is best to have a notarized open will, as something is much less likely to be lost or misinterpreted.
- Indicating it to the insurance company: the policyholder may contact the insurance company and let them know that it is intended to change the beneficiary of the life insurance.
Without a doubt, the change of beneficiary of Life Insurance is a great option for those people who have family or loved ones who they want to leave in the best possible situation in the event that they die or cannot continue to earn income.
In any case, the best thing when hiring a life insurance is to do it with a good insurance advice. This is the case of Euroteide Insurance, an Insurance consultancy that operates in the southern area of Tenerife and that will put at your disposal its more than 25 years of experience in the Insurance sector to find the policy that best suits you, your needs and the needs of your family. However, you can not only find a good Life Insurance, but also other products such as a Car insurance, un Home insurance or Self-employed insurance.