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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 next of kin take out NN Succession Care life insurance with you as the insured

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The insured amount is based on their estimated inheritance value (*)

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Upon your death, they will receive the insured amount so that they are able to pay the inheritance tax

Objective

Succession Care is a Branch 21 life insurance, under Belgian law, with a minimum term of 1 year.
Succession Care is only possible within a non-tax contract.

Succession Care aims to protect the next of kin - policyholder in this contract - of the insured person against the impact of a high inheritance tax. In the event of the death of the insured person, they will receive the insured amount of the estimated tax and thus, for them, the impact remains limited.


For more details, in the Financial Facts Sheet

Who is it for?

Succession care is aimed at natural persons who wish to cover the financial consequences -specifically with regard to inheritance tax - for their next of kin in the event of their death. The age of the insured upon taking out the insurance is between 18 and 80 years.

If the policyholder is a natural person, the minimum age on taking out the insurance is 18 years.

Read more about the Segmentation Policy of NN Insurance Belgium for individual life insurances here.

Who is it not for?

This product is not suitable for natural persons who wish to cover themselves in order to protect their next of kin, in the case where the insured person is older or younger than the permitted criteria, pure family protection or to cover a loan

 *This is the estimated inheritance value at the time of taking out the insurance. If the inheritance value changes after the conclusion of the insurance, it is possible that the insured amount is not necessarily equal to the inheritance tax actually payable at the time of the death of the insured person. 

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 perhaps find it strange to ask your next of kin to take out such insurance. That is understandable. Or perhaps your legacy is not so large.

Even so, Succession Care can still be attractive. Because it leaves your loved ones with more and they will have fewer financial worries. Moreover, the one-off premium is usually much less than the inheritance tax. Furthermore, they will not need to worry about money at that difficult time in their lives. And you already have peace of mind.

 

Is Succession Care something for you?

This death policy will suit you if:

  • You want to guarantee a smooth transfer of assets.
  • You want your next of kin to pay (almost) nothing in inheritance tax.
  • As the insured, you are aged between 18 and 80
  • Your situation is very specific: a newly composed family, no children, etc.

 

A practical example:

  • You and your partner live together de facto in Brussels, without a cohabitation contract.
  • You want your partner to inherit your assets. Because you live in Brussels, your partner will have to pay the inheritance tax at the rate for unrelated persons.
  • Your partner takes out inheritance insurance with the amount of the inheritance tax as the insured capital and with you as the insured. Your partner pays a one-off premium for this, including tax and costs. This is lower than the inheritance tax.
  • The insurance lasts for a maximum of 85 years. If you die before the age of 85? Then your partner will receive the insured amount to pay the inheritance tax.

 

Immediate cover for accidental death

If your application is delayed, you will be covered for accidental death.  You are covered for the initially insured capital (with a maximum of EUR 500,000).
This agreement ends after 1 month, or upon acceptance or refusal by the company. (For further information, refer to the general conditions "provisional coverage")

Kan een overlijdensdekking beschermen tegen de impact van erfbelasting?

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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: from illness, an accident or sudden death such as a stroke or heart attack.
 
Insured capital:

  • Constant or evolving according to a flexible schedule
  • At the start must be at least EUR 25,000
  • The maximum at the start is EUR 2,499,999

Is your insured capital higher? Then contact your broker.

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RISKS

Certain risks are not covered.

For the main insurance, these include suicide during the first year after the conclusion of the contract, intentional act and act of war.
This list is not exhaustive. Please refer to the General Terms & Conditions for an overview of all excluded risks.
A large number of exclusions also apply to the supplementary Accidents cover (AVRO). A detailed list can be found in the Supplementary General Terms & Conditions .


Your broker will be happy to help you with all your questions about this product. He or she can also provide you with a quotation and a premium calculation.

Find a broker near you. 

 

 

Option for accidental death

  • Do you choose this option? If you die as a result of an accident, your next of kin will receive an additional amount in addition to the Succession Care capital. Thus you give them more certainty.
  • Possible payment types for the premium:
    • Single premium (you pay the full premium in 1 payment)
    • Fixed premium (you spread the payment over time; the premium is constant)
    • Risk premiums (the premium evolves with your age)

For the frequency, you can opt for monthly or annual payments only by bank transfer.

Simplified medical acceptance up until the age of 51 and up to an amount of EUR 300,001

 

Important documents

It is necessary to read the Information Financial Fact Sheet & General Terms and Conditions before purchasing, registering, entering into, accepting, signing or opening a NN Succession Care.

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Financiële infofiche Succession Care

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Algemene voorwaarden Succession Care

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Overlijden door ongeval - Aanvullende Algemene Voorwaarden

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Algemene Brochure Overlijdensverzekering

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Voorlopige dekking overlijden door ongeval - Algemene Voorwaarden

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