1. Clarify the type of life insurance
Two types of life insurance are possible, both are treated differently under inheritance law. On the one hand, there is pure death insurance, which financially covers death as risk life insurance. This type of insurance only serves to protect the surviving dependents. The insurance amount is not paid out during the insured person's lifetime. If the survivor receives a payment due to the death, current tax or inheritance regulations do not play a role. At the conclusion of the policy, premium exemption is also possible in the event of disability.
There are also life insurance policies that build capital and therefore have a savings portion. In this case, provision is linked to death insurance. Relatives are financially privileged in the event of death or if the policyholder is unable to work. Mixed life insurance and life-long life insurance are part of this type of life insurance, both have a surrender value and both are included in the inheritance.
2. Clarify beneficiaries
In the event of premature death, the life insurance pays the beneficiary the sum insured specified in the policy. In the case of a life insurance, the beneficiaries can be freely determined, which is why such an insurance usually covers cohabiting partners. Statutory heirs can also benefit from pure death insurance.
If the policy is a surrender value, the beneficiary must consider the mandatory inheritance rights. If the heirs have not turned down the inheritance due to over-indebtedness, the heirs can claim their shares. The insurer is obliged to inform them of the total surrender value of the insurance.
3. Consider the terms of the payment
First, the insurance company must be informed of the policyholder's death. Whoever is entitled to claim must also be able to present the corresponding policies, it must be possible to prove the claim. After that, the insured benefits are carefully checked before they are paid out. It is helpful if the necessary documents have already been prepared for the insurer. This includes, among other things, a letter that should be sent to the insurer by registered letter and in which your own claim is announced.
Important: state the number of the policies and the membership number! In addition, the letter should be accompanied by a copy of the death certificate that is issued to the registry office at the place of death. A copy of the family booklet can also be used and a copy can be attached. It is also important that a premium refund is requested. The premiums that have already been paid in advance should be reimbursed; they will no longer be included in the sum insured after the policyholder's death.
Before you take out life insurance, familiarize yourself with the procedure for paying out the insurance premium and talk to the beneficiaries about it. In the event that the policyholder dies, hardly anyone has had to deal with the modalities of the insurance, and so it is helpful if everyone already knows and knows how to proceed.
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