In the event of the death of a person with a life insurance policy that covers this contingency, a series of procedures for beneficiaries to be able to collect their money, of the amount due to them. Let us see what they are.
Register of Insurance Contracts with Death Coverage
The first thing to do, if we do not know exactly what policies the deceased person may have taken out, is to go to the Register of Insurance Contracts for death cover.
In the link we explained what you need to know about it. Basically, The insurance company with whom the deceased had life insurance policies in force and, if you are a beneficiary, which of them the person making the enquiry is. The procedure is very simple and we recommend that you always do it, even if you think you only had one insurance policy, perhaps you had an additional accident or life insurance policy with a credit card, and you are entitled to a higher compensation.
Once we know which insurances we are beneficiaries of, we should request a certificate from the insurance companies where the insurance is in force. life insurance, The exact« amounts that we will receive.
How is life insurance collected?
We have two alternatives:
- Settling these life insurance amounts for inheritance tax purposes (together with the rest of the inheritance): in this case the amount to be received is added to the rest of the deceased's assets and rights, and it is necessary to take the ordinary steps to process an inheritance. This is more complex than the other option.
- If we only want to collect the life insurance immediately (leaving the rest of the inheritance for later): in this case, we will have to make a partial liquidation of the tax, as we will now explain.
Partial inheritance tax settlement
The first thing to do is to fill out the form 650 of the Tax Agency and thus proceed with the settlement of the corresponding tax. This tax, logically, is linked to the amount that we receive, and in which the corresponding reductions will be applied due to the kinship of the beneficiaries with the deceased insured person.
The amount to be paid must be paid either at the tax office or at the collaborating entities.
This self-assessment form must be submitted within six months from the day following the day on which the tax is due. In addition, it must be accompanied by the certificate requested from the company certifying that the person is a beneficiary and for what amount.
If you want us to help you, call or write to us. At PIB Group Iberia and Investment we make it easy for you to hire and receive advice from the best life insurance policies, thanks to more than 30 years of experience.
