TruStage Online Service - Variable Universal Life FAQs

By Phone: Contact a Claim Professional at 1-800-779-5433, Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

By Email: You may e-mail us at: WavClaimsMail@cunamutual.com

By Mail: Send information to:

CMFG Life Insurance Company

2000 Heritage Way

Waverly, IA 50677-9202

Please provide the insured's name, date of birth, date of death, and policy number(s).

If you are not the policy beneficiary, you may be asked for the beneficiary's address.

Please note: Policies in force for two years or less will require additional documentation for claim review.

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.

Partial Withdrawal:

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Option 2 – Changing, the death benefit (specified face amount plus accumulated cash value) is reduced by the cash value withdrawn.

Loan:

Unpaid loan balances will be deducted from the death benefit payable on your contract.

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:

FROM:	TO:
Life insurance policy	Life insurance policy; nonqualified annuity contract
Endowment 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.

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.

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