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DC | I have a question about supplemental life insurance provided to me by my employer at no additional cost. If i ? |
die, Is the amount of the insurance taxed before it is paid out? Is it paid out in one lump sum check or in increments? How long does it take before its paid out? I heard it is a slow process. |
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BeenAroundTheBlock
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Life insurance payouts are not taxable. It is usually paid out in one lump sum.
The process can take as little as a month or two if the insurance company is promptly notified, provided with death certificate, there is no question as to the cause of death, and the beneficiaries are clear and there is no dispute over who the beneficiaries are (you have designated your beneficiaries, haven't you?).
Interest is earned on the money from the date of death until the payout occurs, that interest is taxable, but the basic payout is not.
Some insurance companies will send a check, while others will create a money market account and send a checkbook (because of course they want to hold on to the money as long as possible). However, as soon as the checkbook is received, a check can be written for the full amount.
Not only are the payouts tax free, but they are by law confidential -- the insurance company will not talk with anyone except the beneficiary, and they don't report the payout to anyone (except for any interest, as mentioned above, which will be reported to the IRS). This can make it difficult for anyone to even find out that there is a policy, because the insurance company will generally not answer any questions about it. So be sure that your beneficiaries know that there is a policy, and what company it is with, so that they can contact the insurance company.
The procedure usually is that the insurance company sends a claim form to the beneficiary. The beneficiary fills it out and sends it back with an original (not a copy), long-form Death Certificate from the state showing the cause of death. The insurance company verifies everything, then issues a check (or checkbook, as mentioned above). For this to get started, the insurance company needs to know that a death occurred, and the current correct addresses of the beneficiaries. |
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car253
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Been around had a great answer and is absolutely correct.
Usually insurance is paid out in a one lump sum and paid immediately. |
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Chris C
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1. Life insurance benefits are paid out tax free. Doesn't matter if it's through your employer or through a private company.
2. Life insurance is always paid out in one lump sum. In many cases beneficiaries will choose to put that lump sum into an annuity that pays out a monthly (or whatever frequency you choose) payment on a regular basis until the money is gone. You can specify a certain time period like say $100,000 having equal payments over 10 years, or you could specify the amount of payment, like say $100,000 paid out in quantities of $5000 a month until it's gone.
3. The amount of time it takes for a death benefit claim to be completed and money in the beneficiaries had depends on several things. In most cases it is very quick, however it depends onthe circumstances of the death (was it something that was not suspicious or possibly an exclusion on the policy? etc) or it can depend on how quickly all the requirements are recieved by the company (IE: the company might need a copy of the death certificate from the funeral home...If the funeral home doesn't send it in right away this will cause a delay in finishing up the claim) |
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JaredBalis
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Here is the answer to your question. The examples were helpful. I found it on the IRS website. Hope it helps!
http://www.irs.gov/govt/fslg/article/0,,id=110345,00.html
One thing you can do is have a local agent shop the market for you for an individual policy and find the company with the best rate and coverage for you. Fill out a form at http://www.myinsurancequotes.net and see what someone local can do for you. They will all have different rates. Have them compete for your business.
Sincerely,
Jared B.
http://www.utahinsurance.org
http://www.healthinsuranceinutah.com |
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mbrcatz
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It's not taxable. If it's to an adult, it's usually paid out in one lump sum. It takes 2 - 3 weeks for an insurance company to process the claim, after they have your claim form and death certificate.
It's actually pretty fast. |
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Michael M
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Benefits are tax free. Paid out as a lump sum unless the company has some special arrangement.
It is usually a slow process because you usually have to work with both the company HR department and the insurance company. The better the HR department the quicker things go. I would encourage you to find out from your HR department how the claim process works before you die so that you can leave your beneficiaries that information. |
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