Forms 1099-INT and 1099-R will be mailed by January 31st for qualifying policies/contracts.
Are death benefit proceeds taxable?
The gain portion of annuity proceeds may be taxable to the beneficiary when it is distributed. There are several ways to defer the gain. Any interest paid on the benefits is taxable. Contact us for more information on specific settlement options available.
Can a beneficiary designation be made online?
If your policy allows a beneficiary to be updated online, that option will be provided to you in the Beneficiaries link on the Account Overview or Policy Details pages.
Download and print the Service Form. When complete, you may return the form by mail or fax.
How long does it take to receive money from my policy?
The length of time it takes to receive your money will depend on the time at which the request is received and the delivery method that you choose.
Requests received prior to 3:00 p.m. CT are processed that same day. Requests received after 3:00 p.m. are considered received the next business day and are processed on the following business day.
How long will it take for me to receive the death benefit settlement after you receive all the information?
It normally takes 1-3 business days to process a claim. A letter, a statement of values and the settlement check are sent out through regular mail.
What does the beneficiary need to provide to CMFG Life Insurance Company upon settlement of the claim?
1) Proof of death
Additional Information is required:
If Beneficiary is Estate:
• Letters of Testamentary or Authority issued by the Probate Court showing the name and address of the executor or personal representative of the estate.
• A valid Tax ID Number for the estate (provide on claim form). If you do not have an ID #, one can be obtained by calling the IRS at 1-800-829-4933.
• If there are not enough assets to probate an estate, please obtain a Small Estate Affidavit from the county court house – Probate division, where insured resided.
If Beneficiary is Trust:
• A copy of the trust agreement. The pages of the Trust required are: the title page, the appointment of trustees or successor trustees after death of the insured and the final page showing the date and witness signatures.
• A valid Tax ID number for the trust. If you do not have an ID #, one can be obtained by calling the IRS at 1-800-829-4933.
If Beneficiary is a Minor:
• Completed Claimant's Statement completed by an adult family member in behalf of the minor. The funds will be placed in an interest bearing account with our company until the minor reaches legal age.
• To have the funds released prior to the time the minor reaches age of majority, copies of the court appointment papers for guardianship or conservatorship for the minor child must be received.
If Beneficiary is Deceased:
• Proof of death for the deceased beneficiary.
What effect will a partial withdrawal or loan have on my contract?
Reduces the cash value of your contract and cannot be repaid.
If your policy has a Death Benefit Option 1 – Level, the specified face amount of your contract will be reduced by the amount of the partial withdrawal.
If your policy has a Death Benefit Option 2 – Changing, the death benefit (specified face amount plus accumulated cash value) is reduced by the cash value withdrawn.
Unpaid loan balances will be deducted from the death benefit payable on your contract.
What is a 1035 Exchange?
A 1035 exchange is the exchange of an insurance contract for another that meets all the requirements of Section 1035 of the Internal Revenue Code (IRC §1035). When a contract is exchanged under IRC §1035, the gain or loss of the exchanged contract is transferred to the new contract.
Only the following types of exchanges will qualify for non-taxable treatment:
Life insurance policy
Life insurance policy; nonqualified annuity contract
Nonqualified annuity contract
Nonqualified annuity contract
Nonqualified annuity contract
The other requirements for non-taxable treatment include:
The owner and insured/annuitant on both contracts must be identical.
The contract being exchanged must be in force. If the contract is maturing, the 1035 exchange request must be signed prior to the maturity date.
The entire value of the existing contract must be exchanged. If any cash is received, the taxable gain up to the amount of cash received is taxable.
What is a Variable Universal Life policy?
Variable Universal Life (VUL) is a versatile product which provides both insurance protection and investment components. VUL, like universal life insurance, allows you the flexibility to choose the amount and timing of your premiums, subject to company minimums and IRS maximums. Likewise, you may increase or decrease the death benefit, depending on policy minimums and any underwriting requirements.
Where can I see the latest information for my funds?
To confirm your beneficiary:
• Please call us for current beneficiary information.
• In some cases, your beneficiary information can be viewed in the Beneficiaries link on the Account Overview or Policy Details pages.
To update your beneficiary:
• If your policy allows a beneficiary to be updated online, that option will be provided to you in the Beneficiaries link on the Account Overview or Policy Details pages.
• You may also download and print the Change of Beneficiary Request Form.
• When complete, return the form by mail or fax.
Where do I mail or fax my claim documents?
CMFG Life Insurance Company
2000 Heritage Way
Waverly, IA 50677-9202
Fax Number: 1-608-236-8032
Who can notify CMFG Life Insurance Company of a death?
Anyone can notify us of a death. However, only the named beneficiary(ies) can submit the necessary documentation or evidence to settle the claim.
Since 1935, the CUNA Mutual Group family of brands has provided products and programs to enhance the financial security of credit union members. Today, we're privileged and proud to help protect members like you.
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