Succession Care: reduce the amount of death duties that your next of kin have to pay

Succession Care: zorg dat je nabestaanden minder successierechten moeten betalen

It goes without saying that you think about the future now and then. What will happen to your assets when you die? It may be that your next of kin will have to pay substantial amounts of inheritance tax. You can reduce that amount with the Succession Care1 death insurance policy. Your next of kin pay a one-off premium on your current capital at an advantageous rate, and on your death, the insured amount is paid out to them to cover their death duties. In this way, you remove any worries and give them time for what really matters.

Succession Care: is it right for you?

☐ You want to ensure a smooth transfer of assets.

☐ You want your next of kin to pay very low or no death duties.

☐ You are aged between 18 and 80.

☐ Your situation is a bit different: a blended family, no children, etc.

Did at least three of those statements apply to you? If so, Succession Care is the perfect death insurance policy for your needs.2


Choose between high inheritance tax or a low premium

High death duties

Did you know that death duties in Flanders are 3 percent for children and spouses, and can be as high as 65 percent for indirect heirs? In Brussels and Wallonia, they can even be as much as 80 percent. After that, there won't be much left over of your hard-earned savings or from the sale of your home.

Unless your next of kin take out a death insurance policy with you as the policyholder: Succession Care.

Example

  • You and your partner live together in Brussels without a cohabitation contract.
  • You want your partner to inherit your assets, but because you live in Brussels, your partner will have to pay the inheritance tax rate as an non-related person.
  • Your partner takes out an inheritance insurance policy with the amount of the death duties as the insured capital, and with you as the insured party. Your partner pays a single premium for this (including tax and fees). Which is lower than the amount of the death duties.
  • If you die before you turn 85 then your partner will receive the insured amount in order to pay the inheritance tax.

Low premium

You might think it would be crazy to ask your next of kin to take out an insurance policy of this kind. Everybody already has so many bills to pay, and perhaps your estate isn't very large. Even so, Succession Care may still be worth your while, as your loved ones will be left with more money and fewer worries. The single premium is generally much lower than the amount of the death duties. What's more, they won't have to worry about money during a difficult time in their lives, while you will already have peace of mind in the here and now.

Don't delay – ask your broker for a quotation in order to find out your exact premium, adjusted to your personal situation.

Calculate your inheritance tax

* Last 6 months

Disclaimer

The inheritance tax figures calculated here are estimates only and are presented in simplified form. For a detailed calculation of the tax owed, you are advised to contact your notary. For example, this estimate does not take account of property assets, family businesses or aggregation of the inheritance. Nor does it include any reductions and exemptions.

 

This document is not a contract. As a consequence, neither the recipient nor the reader may derive any right or benefit therefrom. This information is provided purely as information. Although NN Insurance Belgium SA derives this information from reliable sources that are of sound quality, it is unable to vouch for its accuracy. Nor can it be held liable for damage of any kind (direct or indirect) that may result from the use of this information.

 

NN Insurance Belgium SA, mortgage lender accredited by the FSMA and insurance company accredited by the NBB under number 2550 for Branches 1a, 2, 21, 22, 23, 25, 26.

Registered office: Avenue Fonsny 38, B-1060 Brussels – RLE Brussels – VAT BE 0890.270.057 – BIC: BBRUBEBB - IBAN: BE28 3100 7627 4220.

Options and arrangements

Organ donor discount

Were you registered as an organ donor before signing your agreement? Then you are entitled to a 5% discount on your Succession Care premiums.

It's free and easy to register at www.beldonor.be.

Accidental death option

If you choose this option then your next of kin will receive an additional amount on top of the Succession Care capital in the event of your death due to an accident. In this way, you provide them with extra security.

Conditions and details

Insured capital

  • remains fixed
  • must be at least EUR 25,000 at the start of the policy
  • must not exceed EUR 999,999 at the start of the policy

If your capital is greater than 1 million euro then please get in touch with your broker.

Duration of the contract:

minimum 1 year

Premium

  • Types
    • single premium (you pay the full premium in one go)
    • fixed premium (you spread the payments over time; the premium remains constant)
    • risk premiums (the premium changes as you get older)
  • Payment frequency
    • monthly: only via direct debit
    • annual: via direct debit or transfer

Tax status

  • Succession Care is only available as part of a non-tax-deductible contract.

Medical acceptance


Excluded risks

Some risks are not covered.

For the main policyholder, these include: suicide during the first year after taking out the contract; intentional acts; criminal convictions, and acts of war.

This list is not exhaustive. Please see the General terms and conditions for an overview of all the risks that are not covered.

A number of exclusions also apply to the supplementary Accident cover (AVRO). You can find a detailed list in the General terms and conditions for supplementary cover.

Are you interested? Please get in touch with your broker

Are you interested in Succession Care? Then please get in touch with a local broker. That person will be the first point of contact for any questions you may have. They can also give you a quotation.

Do you have questions after taking out your cover? Then please get in touch with NN customer services.

Noodzakelijke documenten

Voor je deze verzekering onderschrijft, is het noodzakelijk om bovenstaande informatie door te nemen.

Documents nécessaires

Avant de contracter cette assurance, il est nécessaire de prendre connaissance des informations ci-dessus.

Dissatisfied?

Succession Care is an insurance product under Belgian law.

Do you have a complaint about your contract? If so, we kindly request you to follow the procedure below. Please note that you also have the right to take legal action at any time.

More information about the NN complaints procedure

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

Footnotes

  1. Succession Care is a death insurance policy under Branche 21 / Tak 21. It is a product of NN Insurance Belgium, a company under Belgian law.
  2. The beneficiary is free to use the net capital they receive from this agreement entirely as they wish. We do not pay the net capital out to the authority collecting the death duties. The amount is not necessarily equal to the death duties that are actually due when the policyholder dies.