You are aware of the possibility of transferring assets to a foundation such as Paris Brain Institute, by making provision for this in your will. But do you know that you can also use your life insurance contract to directly transfer capital to our institute to support brain research and the fight against neurological diseases?
What is life insurance and why buy it?
Life insurance offers the subscriber the advantage of being a savings product as well as a means of transferring wealth to a third party. This contract allows you to allocate capital to the natural or legal persons of your choice. Capital saved on a life insurance contract is not part of the estate (if you have children and/or grandchildren, it should not be paid out in amounts that are disproportionate to the amount of money available).
If financial supports are at half-mast, life insurance retains many important assets for those who are thinking about passing on capital upon their death, to a loved one or to a foundation.
How do I open a life insurance contract and identify Paris Brain Institute as the beneficiary?
- To subscribe to a life insurance policy, simply contact your banker or insurer. You have to pay an initial amount of money that varies according to media. You may or may not continue to feed it. Your investment will pay off and you will have it at any time if you need it.
- You will be asked to indicate the beneficiary clause in the contract. You may indicate the natural and/or legal person(s) of your choice, such as Paris Brain Institute (specify its name and precise address: Paris Brain Institute located at the Pitié-Salpêtrière-47 boulevard de l’hôpital-75013 Paris).
In the event of death, they will receive the designated capital within a very short period of time.
- You can change the beneficiary clause at any time with the insurance company. You can add Paris Brain Institute to the list of current recipients by indicating the share that belongs to each. You can also designate the Brain Institute as the 2nd recipient if the first is not possible.
- Since the Eckhert Law of June 13, 2014, insurance companies have the obligation to inform themselves of the possible death of their insured and to actively search for the beneficiaries and heirs designated to pay them the capital due to them.
- The subscription of a life insurance makes it possible to build up a capital but also offers tax advantages to the beneficiary in the case of a foundation such as Paris Brain Institute. As Paris Brain Institute is a public benefit foundation, it is exempt from inheritance tax on the life insurance capital it receives: 100% of the amount transferred to Paris Brain Institute will go directly to research to combat brain diseases.
Your questions about life insurance
In order for Paris Brain Institute to benefit from your life insurance contract upon your death, it is important to designate in the beneficiary clause of the contract “Paris Brain Institute, located at the Hôpital de la Pitié-Salpêtrière, 47 boulevard de l’Hôpital, 75013 Paris”.
The policyholder is free to change the designated beneficiary of the life insurance policy at any time. It is sufficient to notify the insurer of this change by letter dated and signed, specifying the references of the contract, the full identity of the newly appointed beneficiary and, if necessary, a new distribution of the capital invested, as for example “For my life insurance contract N°EA88R34: I designate the Paris Brain Institute, Hôpital Pitié-Salpêtrière, 47 bd of the Hôpital, 75013 Paris, new beneficiary equally with the existing beneficiary.”
The insurer must send the policyholder a rider acknowledging these changes.
In the event of the beneficiary’s death, the subscriber is right to include in his contract another beneficiary who will automatically replace the former. For example, Mr. Antoine A., 76, a single man with no children, wants his twin sister to benefit from his life insurance contract. He is aware that his sister may disappear before him. It states in the beneficiary clause: “Upon my death, the capital shall be paid to my sister Madeleine A., domiciled in Brest, 7 rue du Colonel Charrier; failing that, to the Paris Brain Institute, Hôpital de la Pitié-Salpêtrière, 47, bd de l’Hôpital, 75013 Paris.”
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Are you wondering about the transmission of all or part of your heritage?
Carole Clément, Responsable des relations donateurs et des legs, donations et assurances-vie, se tient à votre entière disposition pour vous écouter et répondre à vos questions, en toute confidentialité et sans engagement de votre part. N’hésitez pas à la contacter au 01 57 27 41 41 ou par email.
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