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Additional Life and Annuity Claim Questions and Answers

Additional Life and Annuity Claim Questions and Answers

Life and Annuities Claims Questions

Q: If a primary beneficiary passed away prior to the insured, what information is needed for the claim?

A: A copy of certified death certificate for any deceased beneficiary will be required.

 

Q: What happens if there’s no beneficiary named or no living beneficiary?

A: The policy and/or state law defines how insurance proceeds can be paid when no beneficiary is named, or all beneficiaries are deceased.

  • When no beneficiary is named, the benefit is typically paid to the owner or the owner’s estate.
  • Depending on the amount of the benefit and the size of the owner’s estate, some states allow benefits to be paid using a small estate affidavit. Your legal counsel can assist you with this information.
  • If state laws don’t allow the use of a small estate affidavit or if the benefit exceeds the state’s allowable amount for small estate affidavit, an estate must be probated. After the estate is probated, the following must be submitted:
    • A copy of the certified letter of testamentary appointing the executor/administrator of the estate.
    • The Estate’s Taxpayer Identification Number (TIN/EIN). Under IRS regulations, we’re not permitted to use the deceased’s Social Security number. A TIN/EIN may be obtained from the IRS at IRS.gov.

 

Q: If the beneficiary is a Trust, what information is needed for the claim?

A: The trustee should submit the following:

  • A copy of the complete original or restated trust document, with names of trustee, successor trustee, signatures and amendments.
  • Trust Tax Identification Number (EIN). A TIN/EIN may be obtained from the IRS at IRS.Gov.
  • For Testamentary Trusts, we require:
    • A copy of the probated will.
    • Letters of Testamentary appointing the trustee or executor.

 

Q: When the beneficiary is a Minor, what information is needed for the claim?

A: State Law defines how insurance proceeds can be paid when the beneficiary is a minor.

  • If the proceeds aren’t needed for the minor’s immediate support, we can deposit the benefit amount into a supplemental contract held at the current settlement interest rate declared by our company. Once the minor reaches the age of majority for the state they live in, we’ll pay the minor directly. A copy of the minor’s birth certificate and social security number are required.
  • Depending on the amount of the benefit, some states allow the benefit to be paid under the Uniform Transfer to Minor’s Act. If the benefit can be paid under this act, we may be able to pay the benefit to a bank, credit union or trust company as “custodian for the Minor under the state’s Uniform Transfers to Minor Act.” Bank account information would be required for this type of payment.
  • If a court has designated a Guardian or Conservator of the Minor’s Estate, court stamped Letters of Guardianship for the Minor’s Estate is required. If a Guardian of the Minor’s Estate hasn’t been appointed, your legal counsel can assist you with this process.

 

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