The Right of Legal Heirs Deriving from the Life Insurance Contract

Abstract

The financial future of our loved ones needs to be ensured, but in order to be able to achieve this aspect when death occurs, it is necessary to know the procedure and the legal ways whereby we can leave our assets as an inheritance to the family or the loved ones. In the case of the life insurance contract, the insured person is the person able to decide who can be the beneficiary, in the circumstances whereby the death of the insured person occurs. Also, during the performance of the life insurance contract, the insured can change the beneficiary at any time, only by filling in a change form or designation of beneficiary, the insurance company not being able to intervene in this process. The beneficiary of an insurance contract may be designated from the time of his/her life by testamentary provision or legal provision, subject to the succession procedure. In practice, when the death of a person occurs, the legal procedure for distributing the inheritance to the beneficiaries intervenes, but when we talk about life insurance, the beneficiary of the policy receives the amount established in the insurance contract regardless of whether he/she is a legal heir or testamentary.