The main objective of hiring a life insurance is to secure capital to cover unexpected situations and ensure economic tranquility to the insured and their families.


What does being a beneficiary of a life insurance


When a life insurance contract in case of death, the beneficiary is the person designated by the insured to receive payment of the insured benefit in case of death.

Keep in mind that anyone can have the status of beneficiary of a life insurance, since it is the insured designates, regardless of whether your relationship to the insured or not.


Beneficiary designation


Beneficiaries may be designated by the insured expressly (when the insured designates them with names.) And generic (when the insured does the designation referring to specific individuals, but only indicates their relationship, for example: children, spouse, heirs, nephews, etc.).

When the insured has not designated beneficiaries of life insurance contract or generically or explicitly the order established in the policy will apply as shown in the Bulletin of Accession, which had to sign the insured when contracting the life insurance and Certificate issued. According to this order, first, the recipient would be the surviving spouse. If missing, the beneficiaries would be the surviving children of the insured equally. If you have children or not being alive, the beneficiaries would be insured parents (equally or survivor by all). Failing that, the legal heirs of the deceased would be the beneficiaries of life insurance.

At any time you can change or modify the designation of beneficiary or beneficiaries of life insurance while the policy is in force. To do this there are two ways: it can be done by writing to the insurer or insurance intermediary, or expressly stating in the will.


Generic designation of beneficiaries


If a beneficiary is designated children generic way, it will be understood as such to all descendants of the insured entitled to inheritance without any exception.

If a beneficiary is designated in a generic way the spouse will be considered as such that has that status at the time of death of the insured, and not at the time of contracting life insurance.


Distribution of compensation when there are several heirs


In case there are several beneficiaries, the contracted benefit is
He distributed equally, unless the insured has designated a specific distribution.

When the designation is there made generically in favor of the heirs, the distribution is made in proportion to the hereditary share, unless otherwise agreed.