Do you know how to proceed to collect life insurance?

After the death of a loved one comes the bad experience of putting in order all the legal aspects and, also, the economic ones. Considering the monetary issue at such times is not easy, but for many families, clarifying and defining this aspect is an essential issue that will help shape their future: it is time to collect Life insurance.

Requirements to be able to collect the life insurance

The first thing to be able to collect  AARP life insurance, obviously, is that there is life insurance contracted by the deceased. If you have one, a copy of the contract should be included in his official papers. If you do not know if it had or not, you can make a query in the Registry of death coverage insurance contracts, 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 register, we will only be informed of whether or not said insurance exists 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, you will have to contact the insurer directly to find out. It will be this one who confirms whether or not we are the beneficiaries, as well as the specific conditions of the contracted policy. Remember: you must inform the entity of the death of the insured person within seven days.

Documents to present to collect the life insurance

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 DNI to prove that you are who you say you are, as well as the following documents, which we indicate as an example:

  • Death certificate of the insured person.
  • Medical certificate of the insured. It must include the origin, evolution of the disease, or accident that caused the death. If the death was by accident, the testimony of the judicial proceedings is necessary.
  • Certificate of the Registry of Acts of Last Wills.
  • Copy of the Last Will, Notarial Act of Declaration of Heirs or Judicial Order of Declaration of Heirs.
  • Total or partial self-settlement of the Inheritance Tax or partial administrative settlement.

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 collating it in order to approve the payment of the compensation and, thus, consider the process to collect the completed life insurance. If everything is in order, the insurer will make the payment within 40 days from the declaration of the claim.

By Cary Grant

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