NN Succession Care

NN Succession Care

You have undoubtedly already given it some thought: your surviving dependants may have to expect to pay a hefty amount innheritance tax when you die. With NN Succession Care, you can protect them against the effects of such high inheritance tax if your dependants take out a death insurance policy with you as the insured party i. On your death, they will then receive the amount insured to pay for the estimated inheritance tax due, which means the impact on them will be limited.

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How does it work?

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Your dependants take out an NN Succession Care death policy, with you as the insured party

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The sum insured is based on their expected inheritance*

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When you die, they then receive the insured amount from the policy for the tax so that they can pay the death duties

*This is the value of your estate estimated at the time of taking out the insurance. If the value of the estate increases after the policy is taken out, the insured sum may not be sufficient to cover the actual death duties charged at the time the insured party dies. 

Objective

Succession Care is a Branch 21 death insurance policy under Belgian law, with a minimum term of 1 year.
Succession Care is only possible as part of a non-fiscal policy.

Succession Care is designed to protect the surviving heirs, the policyholder and the insured person against the effects of high inheritance tax. In the event of the death of the insured person, the heirs receive the insured amount for the estimated tax and so the impact can be limited for them.

For more details, see the Financial Information Sheet

Who is it for?

Succession Care is aimed at natural persons who want to cover the financial consequences for their surviving heirs - more specifically inheritance tax - resulting from their death. The age of the insured person at the time of taking out the policy must be between 18 and 80.


If the policy is for a natural person, the minimum age at the time of taking out the policy is 18.

Who is it not for?

This product is not suitable for natural persons wishing to provide protection for their surviving heirs where the insured person is either younger or older than the permitted criteria.

How much will your inheritance tax be?

  • Death duty in Flanders is 3 per cent for children and spouses, but it can rise to as much as 55 per cent for indirect heirs
  • In Brussels and Wallonia, that figure can rise to as high as 80 per cent for indirect heirs.

These rules apply in accordance with current tax legislation and are subject to change in the future. 
In the event of changes to the tax rules, NN Insurance Belgium nv cannot be held liable for the consequences. 
Tax treatment depends on the individual situation of the customer and may change in the future. 
Wherever reference is made to a tax system or regime, this needs to be understood as the tax system or regime that applies to an average retail customer living in Belgium in the capacity of a natural person (private individual).

Calculate your inheritance tax

* Last 6 months

Why NN Succession Care

You may find it a crazy idea to ask your surviving dependants to take out this type of insurance policy – and that is totally understandable. Or you think that perhaps your estate will not amount to very much.

Yet even so, Succession Care may still be of interest to you. Because that way your loved ones will have more to inherit from you and less to worry about. Better still, the one-off premium is usually far less that the death duty itself. It also means that they will not have to worry about money at a difficult time in their lives. And it will give you peace of mind.

 

Is Succession Care something for you?

This death policy will suit you if:

  • You want to guarantee the smooth transfer of your assets.
  • You want your surviving dependants to have (virtually) no death duties to pay.
  • You as the insured party are aged between 18 and 80.
  • Your situation is very specific: such as a newly formed family, no children, etc.

 

A practical example:

  • You and your partner live together in a de facto relationship in Brussels, without a cohabitation contract.
  • You want your partner to inheritance your assets. Because you live in Brussels, your partner will have to pay the inheritance tax rate for persons who are not related.
  • Your partner takes out an inheritance insurance policy with the sum insured the likely amount of your death duties and with you as the insured party. To do so, your partner pays a one-off premium that includes tax and charges. This amount is lower than the death duties.
  • The cover runs until a maximum age of 85. If you die before the age of 85, your partner will receive the sum insured in order to pay the death duties.

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Want more information about Succession Care for your situation?
Any other questions? Find an independent broker in your neighbourhood here.

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BENEFITS
  • You are covered worldwide for all causes of death: illness, accident or sudden death, such as a stroke or heart attack.
  • Capital insured
    • Constant or evolving according to a flexible plan
    • Starts at a minimum of 25,000 euro
    • Starts at a maximum of 999,999 euro

If your insured capital is higher than 1 million euro, please contact your broker.

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RISKS
  • Certain risks are not covered.

    For the main insurance policy these include: suicide during the first year after taking out the policy, deliberate act and act of war.
    This summary is not complete. See the General terms and conditions for a summary of all excluded risks. A large number of exclusions also apply for supplementary Accident cover (AVRO). You will find a detailed list of these exclusions in the General terms and conditions supplementary cover

Your broker will be happy to help you with all your questions about this product. Your broker will also provide you with a price quote and a premium calculation.

Find a broker near you. 

Option for accidental death

  • If you select this option and you die as the result of an accident, then your surviving dependants will receive an extra amount in addition to the capital amount from Succession Care. This means you are giving them greater security.
  • Possible payment types for the premium:
    • Purchase price (you pay the full premium in one go)
    • Fixed premium (you spread the payment over time; the premium remains constant)
    • Risk premiums (the premium changes with your age)
  • In terms of frequency, you can opt for monthly payments by direct debit, or annually by direct debt or transfer.
  • If you register as an organ donor before taking out the policy, you’ll receive a 5% discount on the premiums for Succession Care.
    It’s easy to register, free of charge, at www.beldonor.be.
  • Simplified medical acceptance up to age 51 and up to € 300,000

Important documents

It is necessary to read the Essential Information Document & Document Other Pre-contractual Information before purchasing, subscribing, accepting, signing or opening an NN Omni care contract;

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Financiële infofiche Succession Care

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Algemene voorwaarden Succession Care

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Aanvullende algemene voorwaarden waarborg overlijden door ongeval 

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Algemene Brochure Overlijdensverzekering

Legal information

  • ​​​Succession Care is a Branch 21 death insurance policy, under Belgian law. It is a product from NN Insurance Belgium, a company incorporated under Belgian law.
  • Term of your policy: minimum 1 year
  • Succession Care is only possible as part of a non-fiscal policy.
  • Applicable law: Belgian law

 

If you have a complaint about your NN policy, please contact NN, Quality Team, 38 Fonsnylaan, 1060 Brussels. Send an e-mail in the first instance to klachten@nn.be. Or contact the Consumer Ombudsman Service at the Insurance Ombudsman, 35 de Meeûssquare, 1000 Brussels. Tel: +32(0)2 547 58 71, fax: +32(0)2 547 59 75, info@ombudsman.as, www.ombudsman.as. It is also possible at all times to take legal action.

Your unique life deserves a personal approach. That is why we are happy to help you find an independent broker in your area