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Practical information on life insurance for novices

Life insurance is a form of investment that compels an insurance company to grant an annuity or a capital to one or more beneficiaries. In return for the payment made by the insurer, the underwriter of the contract has the obligation to pay premiums. This savings product allows the insured to build up capital which can be passed on to those close to him, in case he dies.

What are the conditions for opening a life insurance contract?

For a life insurance contract to be opened, the person concerned must, first of all, have the legal capacity to open one. Consequently, adult individuals under guardianship and minors are not authorized to subscribe alone to this savings product. Then, the insured must agree to pay the premiums mentioned in his contract. He is also required to respond honestly to the medical form given to him by the insurance company. In addition, the latter also has its share of obligations to be respected. Indeed, it has the duty to collect all the information concerning the family and financial profile of the saver. This will allow him to offer the subscriber a contract adapted to his situation and his objectives. In addition, the insurer is required to provide the insured with an insurance proposal with a draft waiver letter. He is also responsible for providing the subscriber with an information note. The latter is not essential for contracts that have a surrender or transfer value.

How to designate the recipient of his life insurance contract?

The beneficiary clause allows an individual who has subscribed to life insurance to determine the legatee of his contract, in case he dies. This provision offers him the opportunity to freely choose the doneeof his funds. He therefore has the right to designate as descendants his descendants, his ascendants, his friends, etc. According to the procedure indicated in his contract, the saver can mention his heir either by an authentic will, or by a simple letter addressed to the insurer, or by a mention in the insurance contract . It is imperative that the legatee express his agreement with his designation if he wants it to be final. However, he is only authorized to do this after 30 days following the conclusion of his life insurance contract.

How to modify the heir of his life insurance contract?

Throughout the life of your contract, the insured has the right to modify the legatee of it. However, this change will in no way be possible if the person designated as beneficiary has already formally approved his designation. It should be noted that the donee's acceptance is irrevocable if it was made by a tripartite agreement between the insurer, the underwriter and the accepting beneficiary. Similarly, the acceptance of the heir is final if it has been carried out by an agreement between the accepting legatee and the saver, notified to the insurer. In addition, the insured has the possibility of changing the beneficiary of his life insurance contract, at any time, if the heir has not yet accepted his designation. If this is the case, to change the legatee, the underwriter is required to inform the insurance company of his decision by sending a letter. Upon receipt of the latter, the insurer has the obligation to draw up an amendment which modifies the beneficiary clause of the initial contract.

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