So, we tell you everything you wanted to know about the Beneficiaries.
Who is the Beneficiary?
Beneficiary - a person who will receive an insurance payment from the insurance company in the event of an insured event.
In our blog, we have already said that the Beneficiary can be both the Insured, the Insured, and a third party, a third party. As a rule, when the Insured = Insured Person, he is indicated by the Beneficiary for all risks, except the risk of "Loss of Life". Third parties are indicated for this insured event.
Who can be listed as the Beneficiary?
The beneficiary can be any person at the request of the Insured. Even a person who has no family ties with the Insured / Insured.
Is it possible to indicate a child as a Beneficiary?
It is possible. However, if at the time of the insured event the Beneficiary is a minor, the insurance payment will be received by parents or guardians.
Is it possible to specify several Beneficiaries for one insured event?
You can, but it is important to specify the order and / or share for each Beneficiary.
For example, if you want to split the benefit between two children, then specify the two Beneficiaries of the first priority, who will receive 50% of the insurance benefit.
If you want to receive the payment in the order of priority, we indicate one Beneficiary of the first turn with a share of 100%, another Beneficiary of the second turn, with a share of 100%.
Is it possible to add new Beneficiaries to the insurance contract?
Yes, it is possible. Most often, customers add new Beneficiaries when family circumstances have changed (in cases of marriage, childbirth). For example, a client is married and wants to add his wife as a Beneficiary to the contract.
Is it possible to change the Beneficiary
Is it possible to change the Beneficiary without his consent?
In insurance there is such a thing as "irrevocable right".
Irrevocable right is the right of the Beneficiary not to be replaced by the Insured until the occurrence of the insured event without the consent of this Beneficiary.
If the insurance contract states the irrevocable right "No", it means that the Insured may at any time change the Beneficiary without his consent. Most often, insurance contracts are concluded on such terms.
In the practice of insurance companies, there are cases when it is necessary to prohibit the change of the Beneficiary without his consent. For example, if the life insurance contract is concluded when applying for a mortgage, and the Beneficiary is a bank. The impossibility to change the Beneficiary without his consent is indicated in the insurance contract.
How to change / add the Beneficiary to the insurance contract?
To do this, you must fill out an application to amend the insurance contract and send it to the insurance company in a convenient way (by letter, e-mail, through the client's office). Such changes may be made at any term of the contract.
When can the Beneficiary apply for Loss of Life Insurance?
Unlike the inheritance process, the Beneficiary does not have to wait six months to receive the insurance payment. The beneficiary can immediately apply to the insurance company and receive payment.
How not to be mistaken when choosing Beneficiaries
Who will receive the insurance payment if the Beneficiary has not been specified?
If the Beneficiary has not specified the Beneficiary in the case of "Loss of Life", the heirs will receive the insurance payment in accordance with the law.
What does the Beneficiary need to know?
In order to receive an insurance payment, the Beneficiary must contact the insurance company and provide the necessary package of documents. Therefore, it is important that the Beneficiary knows that an insurance contract has been concluded in his favor.