Madrid, March 25
The designation of a beneficiary in life insurance is a decision that goes beyond a simple choice, becoming an act with important financial and tax consequences. SegurChollo offers a guide to understanding some of these implications
The tax treatment of the capital received by the beneficiaries can vary considerably, directly influencing the net amount they receive and, therefore, their financial future. In this context, advice from a specialized company and the use of a comparator Life insurance becomes a valuable tool for policyholders, allowing them to explore and evaluate the options available in the market with greater clarity and precision.Definition of beneficiary in life insurance The beneficiary of life insurance is the person or entity who The insured designates to receive the capital insured under the policy, in predetermined circumstances such as the death or absolute disability of the insured. This definition underlines the importance of conscious selection, given the significant consequences that such a designation entails.Special cases: the insured as beneficiary In situations of absolute disability, serious illness or professional incapacity, the life insurance policy normally stipulates that the beneficiary is the insured himself. These coverages are designed to offer direct financial support to the insured, helping them to face the economic difficulties derived from these adversities. However, it is important to keep in mind that the capital received under these conditions is subject to taxation of the Income Tax of the Individuals (IRPF). Therefore, it is crucial to adjust the sum insured to ensure that the final amount received is aligned with expectations, considering the effect of taxation.The choice of the beneficiary: a matter of foresight The choice of the beneficiary requires deep reflection, considering the tax implications that this decision entails. Depending on the autonomous community of residence, the tax rates applied to the capital received from life insurance vary, significantly affecting the beneficiary, whether it is the partner, children or a designated entity. Designating the bank as beneficiary: pros and cons Designating the bank as a beneficiary of life insurance associated with a mortgage implies that, in the event of the death of the insured, the legal heirs will acquire the real estate property without outstanding debts. This property will form part of the inherited assets, over which the heirs will have the responsibility of settle the inheritance tax, the amount of which varies depending on the autonomous community. Furthermore, the distribution of this inheritance will be governed by the provisions of the will, if any, or by the inheritance laws in force if not. Choosing family members as beneficiaries, for example, wife or children. Explicitly designating family members as beneficiaries provides clear advantages, since the life insurance capital is considered independent of the estate and is therefore not affected by the provisions of the will or inheritance laws. This option can also offer significant tax benefits, depending on the relationship of the beneficiary with the insured and the autonomous community, since several of them establish additional benefits for life insurance. Implications of choosing unmarried couples or third parties Designate a partner with whom one is not married or a third party without a relationship immediate family member can lead to a higher tax burden due to the absence of tax deductions. In these cases, it is prudent to consider increasing the capital insured to offset the expected taxes, thus ensuring that the beneficiary receives the desired financial support. This consideration becomes critical when determining the capital to be insured, since, when settling the inheritance tax for access to capital, possible reductions in the tax base and bonuses on the taxable base do not apply. Additionally, in certain autonomous communities, multiplier coefficients are used when calculating the tax due, increasing the amount to be paid for this concept. The Importance of Consciously Choosing Choosing not to designate a specific beneficiary means that the insured capital is distributed among the legal heirs , subject to inheritance laws and applicable taxes. This situation could not reflect the wishes of the insured and reduce the net capital received by the heirs. From SegurChollo, it is highlighted that determining the beneficiary of life insurance constitutes a fundamental aspect of financial and testamentary planning, advising the preference of a family member directly on a banking entity as beneficiary. The insured must carefully consider who they designate as beneficiary, taking into account not only the tax and legal implications, but also their personal wishes and the needs of their loved ones.
Contact Contact name: SegurChollo® Contact description: SegurChollo® Contact phone: 912184583
