The consumer almost does not pay attention to these policies that are then forgotten
In 2006, of about 27 million life insurance that could be charged, around 10% were not paid because they were not claimed, explained the vice president of the Association of Users of Banks, Savings and Insurance, Adicae, Fernando Herrero .
“There are many life insurance that are granted along with credit cards or with different financial products (deposits, stocks, mortgages, etc.), therefore the consumer does not pay attention to these policies that are then forgotten. “, affirmed Herrero.
In cases where the insurance is not claimed, the financial institutions do not pay the money to the beneficiary, even though the monthly premiums have been charged in advance. This procedure is legal, since the bank or insurer only had the duty to inform when the contract was signed.
Registration of policies
To solve this situation, from today anyone can know instantly if you are a beneficiary of life insurance. Thus, after 15 days from the death of a family there is the possibility of going to check the Registry (after payment of 3.3 euros) if the deceased had contracted some life insurance.
The Registry of Death Coverage Insurance Contracts has already accounted for more than 50 million policies with data that have been provided by 201 insurance companies, according to sources from the Ministry of Justice. The registry will be very useful, according to Justice, the employers of UNESPA insurers and consumer associations like Adicae.
Right to know
For this initiative to be effective, “citizens must know both their existence and the procedures,” said the Vice President of Adicae, Fernando Herrero.
The Ministry of Justice has already developed an information campaign through the Internet, posters and triptychs with the motto. Your right is to know what is yours.
But in Adicae they ask for more publicity and that they rely on user organizations, “which are those that are close to the consumer”.
They also request improvements for the registry: “that the data can be consulted at any time of the user’s life and not only when the death occurs,” said Herrero.
25,000 economic solutions
Every year, death insurance resolves 25,000 situations committed to Spanish families after the death of a family beneficiary of this coverage, according to data from the Social Report of the Spanish Insurance 2006. This report also extracts data such as that 66% of the Spanish households have life insurance and that the largest number of insured is between 25 and 34 years old and their policies are linked, to a large extent, to the need to protect the mortgage payment in case of death.
5 questions to …
Pilar Blanco- Morales, Director of Records
1 Why does the need arise to create a policy record?
Many people were unaware that their deceased relative had taken out life insurance and was not paid.
2 How will the list be updated?
Banks and insurers have to register all policies. We have had the collaboration of these entities, so no system of sanctions has been put in place for those who do not record the new insurance.
3 What are the procedures to make the request?
The form 790 can request it from tomorrow (for today), after 15 days from the death of the insured, any person that attaches the literal certificate of death and pays the fee of 3.3 euros in a bank or cashier.
4Where should you go?
The documents must be delivered – personally or by mail – in the General Register of Last Will Acts (Jacinto Benavente Square, 3 Madrid) or in the 22 Territorial Management Offices of the Ministry of Justice. The delivery of the certificate will be done on the spot if requested in person, and in seven days if requested by mail.
5 Are there expiration times?
The data of this record will be kept for 5 years from the date of death of the insured, so that the certificate can not be requested once this period has expired.
More information here .