A term life policy follows the beneficiary

A term life policy (overlijdensrisicoverzekering) gets its own line in the estate inventory, separate from the mortgage and separate from the bank accounts. You note the insurer, the policy number and the name as it stands on the policy. You leave the amount empty until the insurer writes which amount will be paid and to whom. You set the status to requested, with the date of your letter. A policy in the drawer is a sign that there may be cover. It is not yet a payout. So you do not fill in the insured capital from the policy as if it had automatically fallen into the estate on the date of death.

The payout follows the beneficiary designation on the policy. That clause can name the lender, a partner, a child, or someone else. The money can therefore reduce the mortgage, or end up outside the estate. Which of the two it is, you do not decide at the kitchen table. You ask the insurer in writing: who is the beneficiary, which amount will be paid, and is that amount set off against a loan. Until that letter is there, the home and the mortgage keep their own figures. You do not book a repayment that has not yet taken place. An expected payout is a task, not a debt you already set lower.

When the reply comes, you update the policy line: amount, beneficiary, date of the letter, source linked, status no longer requested. Only if the letter says that a loan will be repaid do you book that repayment on the debt line, with the same document as the source. If the money arrives in an account of the estate, that credit belongs in the course of that account as value now, and not again as an extra asset next to the policy. That way you count the payout once. If it goes to someone outside the estate inventory, the policy remains a separate note. The amount does not quietly disappear into the house.

Two dates stay apart here too. You leave the value on the date of death open until a notary has classified the payout. Value now is what actually happened afterwards: repaid, paid out, or still on the way, always with the insurer's document as the source. Until that classification the policy remains a separate line, even if the amount is already known. In the note you put that the letter is there and that the interpretation is still open. You do not yourself promote a letter from the insurer into a division among heirs.

This line is not a valuation and not tax advice. Ervazo pays nothing out and does not decide whether the capital belongs to the estate. The source of the amount is the insurer, in a written reply to your question. As long as that reply is missing, the status stays requested and the field empty. Whether the payout later plays a role in the inheritance tax return, the estate-inventory line does not infer. For that, the Belastingdienst is the source of the tax treatment, next to the insurer's letter as the source of the figure.