Beneficiary
The beneficiary designation determines who has the right to the payout in the event of death
Beneficiary Designation
The beneficiary designation determines who has the right to the payout in the event of death.
In most insurance agreements, it is specified that the insurance amount related to death will be paid out to the next of kin, unless another written agreement has been made with LÍV..
If you wish the insurance payout to go to someone other than the next of kin, such as a cohabitant, this must be reported in writing to LÍV.
You do this by filling out the form “Change of Beneficiary” and sending it to LÍV.
In the customer portal Mítt LÍV, you can see how your beneficiary designation is registered.
Options for Beneficiary Designation:
“Next of kin” is initially the spouse. If there is no spouse, the payout will go to the policyholder’s children (legal heirs). If there are no children, the payout will be according to the will. If there is no will, the payout will be made according to the inheritance law.
Equal distribution among children: Here, the payout is equally divided among the children.
As designated: If you wish to designate someone other than the next of kin, such as a cohabitant or specific children, their name and personal identification number (P-tal) must be provided. If the payout is to go to more than one person, the percentage of the total amount for each person must be specified.
Estate: In this case, the payout will go to the deceased’s estate. The amount can then be managed according to the will.
Note: The old limitation regarding the beneficiaries, which restricted the group of people who could be designated when you took out a pension with tax deductions, no longer applies.
You can now freely designate who or whom you want as the beneficiary. This also applies if you wish to change a beneficiary designation made under the old provisions.
Are you insured correctly?
Are you insured correctly if life were to unfold differently than intended?
Loss of a spouse is tragic, but it likely doesn’t hit as hard as when a partner passes away.
This can become a significant financial burden for the family.
With a beneficiary, you determine who has the right to the payout if you were suddenly to leave this world.
On the customer portal Mítt LÍV, you can see who is registered on your beneficiary, you can find this under “tilskilan”.
You can change your beneficiary by downloading the document here.
We are ready to help you
If you have questions or would like advice, you are welcome to contact us.
Send us an email on liv@liv.fo, call us at +298 31 11 11, or log in to the customer portal
Mítt LÍV and send us a message
