HomeFINANCEHow do you know if you are a Life Insurance beneficiary?

How do you know if you are a Life Insurance beneficiary?

You can find out if you are a Life Insurance beneficiary from the Insurance and Pension Funds Supervisory Authority. See what you have to do.

IT IS beneficiary of a Life Insurance, personal accident or capitalization? Maybe you don’t know the answer to this question. But there is a way to clear your doubts.

In fact, until relatively recently, it was very common for beneficiaries of these insurance policies not to receive the appropriate compensation, all because they had no way of knowing whether the deceased person had a life insurance contract.

But in the meantime, things have changed a bit.

How do you know if you are a Life Insurance beneficiary?

You can currently find out whether or not you are a beneficiary of Life Insurance, personal accident insurance or capitalization of someone who died, with the Insurance and Pension Funds Supervisory Authority (ASF), which maintains a central and updated record of all insurance contracts of this type with beneficiaries in the event of death.

The ASF is the national authority responsible for regulating and supervising pension funds and their respective management entities and insurance mediation. Its main mission is “to ensure the proper functioning of the insurance market and pension funds in Portugal, in order to contribute to guaranteeing the protection of policyholders, insured persons, participants and beneficiaries”.

As such, insurers are required to provide a set of information to the ASF, namely on Life Insurance contracts, personal accidents and capitalization operations with beneficiaries in the event of death.

In this way, if you want to know if someone who died had an insurance contract with these characteristics, you can obtain information about its existence in order to verify if he is a beneficiary.

The information contained in this register is available for consultation, during the term of the contract, and as long as there are installments payable by the insurer. Which in practice means that they will be available as long as the Insurance Capital is not claimed.

life insurance

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Life insurance: what it is, what it is for and how it works

What to do?

All you need to do is contact ASF and ask whether or not the deceased person had a life, personal accident or capitalization policy.

To formalize the request for information, you must fill in the form available for that purpose. You can get it from the ASF website or via the link below.

Download the form

Information Request Form on Life Insurance, Personal Accident and Capitalization Operations

The following documents must also be attached to the form:

  • The death certificate of the insured/underwriter of the life insurance or declaration of presumed death (the original document or certified photocopy must be presented);
  • Your civil and tax identification documents (as an applicant and/or interested party);
  • If the request is made by a representative, the document proving that quality must be presented;
  • If the request is made by a legal person, the commercial registration certificate.

The applicant must sign the form and deliver it in person or send it by post to the ASF address: Av. da República, n.º 76 – R/C, 1600-205 Lisbon.

From there it’s simple. If you are actually a Life Insurance beneficiary, ASF will issue a certificate with the information contained in the registration, which you must then present to the insurer where the insurance was taken out to find out whether or not you are entitled to any compensation.

ASF can only identify individual insurance holders

But note that the ASF can only identify insurance in which the deceased is a contract holder. If this is part of a non-contributory group insurance, for example, an insurance paid by the company, in which the insureds are not always individually identified, it may not be possible to verify. Therefore, if you believe that the deceased is covered by group insurance contracted by the respective employer, you will have to contact that company directly.

The insurance associated with credit contracts in which there is a correspondence between the insured capital and the debt capital is also excluded. In these, the banking institution is the sole and exclusive beneficiary.

As always, it is best to be informed. In this case, it is your right. Therefore, if you suspect that you may be a beneficiary of Life Insurance, do not rest until you get to the bottom of the matter.

If you have questions about this matter, you can clarify them by calling the ASF public hotline: 217 983 983.

Claiming life insurance compensation

If you are a beneficiary of one of these insurances, already in possession of the certificate issued by the ASF, you must go to the respective insurance company and deliver it so that you can receive compensation.

Note that the insurance company may still ask you for some documents before making the payment, namely your identification documents and death certificate.

But the reimbursement of compensation, by law, must be made within 20 working days.

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