The collection of life insurance , a fact with great importance for many families is sometimes a process that can be delayed over time for one reason: the lack of knowledge of the existence of insurance in which you are a beneficiary.
The payment procedure by the insurance company is easy, fast and simple once we report the death and identify ourselves as beneficiaries or heirs of the deceased. Even its taxation, the processing of the Inheritance Tax has advantages.
Life insurance is separated from the rest of the estate, which allows you to make the Inheritance Tax self-assessment more quickly. Even in insurance with the best coverage, such as the entire range of Good Finance Life Insurance , you have the option of receiving the advance payment for the settlement of this Tax. Once it is settled, you will receive the amount quickly.
If we know the insurance, this communication and the subsequent liquidation can be done in a few days, but the problem exists if we do not know the existence of the insurance. In this case, although we are very diligent in the search for this insurance, the deadlines can be long.
We have to go to the Registry of Death Insurance Contracts , under the Ministry of Justice in person, by mail or online and submit the 790 model to access information about life insurance with death coverage in which we are beneficiaries or we have collection rights as heirs.
This process can take 2 to 3 weeks and would be much longer than the theoretical period of 7 days in which we have to report on personal insurance. In fact, the only period for not being able to claim life insurance ends, as reflected in article 23 of Law 50/1980, of October 8, on Insurance Contract is in the prescription thereof, when the insurance ceases to have an effect, which in the case of Life Insurance is up to five years .
Therefore, if it does not prove that you have acted with intent or bad faith, you have an extended term that will allow you to find out the existence of insurance and start the procedures for payment.
All this does not take away, which, as we have mentioned, seeks to expedite the processing of it to benefit from the ease of charging a completely liquid and available capital to be able to face the difficulties that always arise after the death of a loved one.