Insurance companies do not have a legal obligation to inform the relatives of a deceased of the existence of life insurance. This means that in Spain 10% of life insurance is not collected because the person who has the right to collect does not know that he is the beneficiary of a life policy.
What is a insurance of life?
Life insurance is personal insurance that covers the risk of death of the insured or their survival at the expiration of the policy. The purpose of life insurance is to guarantee the economic tranquility of the people who depend on the insured when he dies.
Who can be beneficiaries of life insurance?
The beneficiary is the person who receives compensation from the insurance company in the event of the death of the insured. Beneficiaries can be designated without company consent and can be revoked at any time. Multiple beneficiaries may also be designated, in which case the compensation is divided equally.
How can you know if you are a beneficiary of life insurance?
Life contracts with coverage in the event of death appear in a public registry dependent on the Ministry of Justice. This record can be accessed to find out if a deceased person had taken out life insurance. In this way you can verify if you are a beneficiary of a life policy.
As we have said, this record is public and can be accessed by anyone who is interested in knowing if they are the beneficiary of a life policy. In order to access it you need:
- Prove the death of the insured.
- Fifteen days have elapsed since the death.
This information will be available in the registry for a period of five years from the death of the insured. Check here the record of insurance contracts with death coverage.
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