The death of the insured causes the termination of the life insurance contract. The capital present on the contract then goes to the beneficiaries designated by the subscriber. To recover them, these beneficiaries must contact the insurance company and provide all the documents requested. They have a period of 10 years to assert their rights.
On the death of the insured, the beneficiaries have the possibility of recovering the capital in three different forms:
The choice between these terms of payment is exercised individually by each beneficiary. In the presence of two beneficiaries, the first can opt for a cash payment while the second can decide to open a contract with the company.
On the death of the subscriber, insurers are not obliged to find the beneficiaries of a life insurance contract. As a result, they only pay out capital if someone claims it. If you are the beneficiary of a contract, it is therefore imperative that you contact the company.
In order to receive the capital, the beneficiaries are required to complete several steps which are described in the general conditions of the contract. These steps consist of sending the insurer a letter informing it of the death of the insured, then completing a supporting file. Items in this folder include two types of documents:
Warning:" The sums of a life insurance policy not claimed 10 years after the death of the insured are paid to the Caisse des dépôts et consignation. They are therefore lost for the beneficiary" warns P. Catherinet, manager of the Cieleden website and specialist in the funeral insurance sector.
The beneficiary must generally provide:
The necessary elements are as follows:
Moreover, if the beneficiary has been designated by will, he must provide a copy of this will to certify his status as beneficiary.
Gathering all the documents in the file is a tedious ordeal. However, it is an essential step to obtain payment of benefits as soon as possible. Indeed, the companies only pay the capital when they have all the supporting documents.
This test is made even more complicated in the presence of several beneficiaries. In this case, the insurers only pay the funds to each of the beneficiaries when they have in their possession the complete files of all the beneficiaries.