The contract
Beneficiary
Person designated to receive the benefit. In life insurance, their designation can be modified at any time unless expressly waived by the policyholder.
In practice
The generic designation —'my heirs'— resolves less than it seems when there are second marriages, partners or a loan with collateral. It is advisable to review it as frequently as the capital.
Where it is addressed
This term is covered in Ahorro y jubilación and applies when taking out Vida.
