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When purchasing an insurance policy, it is essential to select the beneficiaries, write their information correctly and inform them about the compensation in case of death. Otherwise, if compensation is not claimed from the insurer within a period of five years, the insurance expires and the benefit is lost. Today on the LEX & CO blog we will tell you what you need to know.


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What does the Law say about the Insurance Contract?

Article 81 of the Insurance Contract Law indicates that all actions derived from an insurance contract will prescribe. In death coverage, life insurance expires within a period of five years from the date of the event that gave rise to it.

When purchasing life insurance, financial protection is acquired so that the owner’s family and loved ones have financial support after their death that helps them maintain their lifestyle or have funds to pay unexpected expenses.

However, lack of communication, ignorance of the existence of life insurance, or problems in personal relationships can cause beneficiaries not to use financial protection.


How to act?

In the first instance, it is important that the insured inform about the existence of life insurance, which may have been contracted individually, or as a benefit for their employment. Some credit cards and financial products even offer coverage in the event of the death of the owner.


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In the event that the owner has not informed the beneficiaries of the life insurance, if the family members knew that one existed, they can consult the microsite of the National Commission for the Protection and Defense of Users of Financial Services (Condusef): SIAB- LIFE. Here you can request the search for life insurance beneficiaries.

On the SIAB-VIDA site, any user can complete the procedure, and within a period of approximately 30 calendar days they will receive the response as to whether they are the beneficiary of a policy and with which insurer. To carry out this investigation you must have a copy of the applicant’s official identification and a copy of the death certificate.

If carrying out the procedure for a minor represented by his or her parents, guardians or grandparents, a copy of the birth certificate and the death certificates of the parents must be presented.

If Condusef finds that the applicant is a beneficiary of a policy, it will notify the applicant and send a file to the Specialized User Assistance Unit of the insurer where that policy is located. The insurance institution must provide all the information to the beneficiary about the steps to follow to start the process of claiming the insured sum.


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If, despite having carried out the aforementioned process, the insurer denies your compensation, contact us. At LEX & CO we are insurance lawyers with the necessary experience to help you resolve your case.

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