Shorter pay-out deadline for life insurance

The pay-out deadline for life insurance is being shortened. This was confirmed by the competent Minister, Kris Peeters (CD&V), to Johan Klaps. “I’m already looking forward to his parliamentary bill,” the MP says.

Today, there is no statutory maximum deadline for the pay-out on a life insurance contract, and this regularly leads to problems with insurance policies that cover the remaining amount of a loan taken out. Specifically, the surviving partner still has to keep paying the loan instalments while waiting for the insured capital to be deposited. “Extra painful, considering that bank accounts are usually blocked while inheritance cases are being processed,” Johan Klaps knows from experience. “I have been involved closely in distressing situations such as these at my bank and insurance branch. Sometimes the delay is the customer’s fault, but often there is a single document or signature missing somewhere in the mountain of red tape required in such cases, and a stalemate ensues.”