- What is a whole life policy?
- What are dividends?
- Must I include the interest earned on my dividend accumulations each year as taxable income on my tax return?
- How can I order a summary of my policy?
- How do I change my beneficiary?
- Why did I receive an NSF fee? What do I need to do now?
- How long does it take to receive money from my policy?
- What is an irrevocable beneficiary?
- May I have more than one beneficiary?
- Why did I receive a Late Pay Notice if I have already paid my bill?
- Are death benefit proceeds taxable?
- How do I terminate my policy?
- If I sign up for automatic account deductions, when will the deduction occur from my account?
Whole life insurance provides level death benefit coverage for the insured's lifetime – from the date of issue until the date of death, provided premiums are paid. It provides both a living death benefit and a death benefit and is usually purchased to meet a long-term need for protection. Premium amounts remain level for the contract's lifetime. Whole life insurance also generates cash value that can accumulate.
Maximum coverage period varies by product - typically age 100 or age 121. When the coverage period ends, the face amount would be paid to the insured if still living. [Return to Top]
Dividends are considered a refund of unused or excess premiums paid and are refunded to the owner of an individual participating life insurance policy. [Return to Top]
Yes. Interest amounts over $10.00 must be included. You should receive a 1099-INT form each January reporting to you the prior year's taxable interest earnings. [Return to Top]
Call our contact center at 1-800-798-6600. A free one-page policy summary will be mailed to you within four days. [Return to Top]
A Change of Beneficiary form can be downloaded from the Whole Life Insurance Forms page. Send the original form, signed by the owner, to our office to be reviewed and recorded. You may want to keep a copy for your records. [Return to Top]
If you didn’t have sufficient funds available in your account when we attempted to collect the premium due on your certificate, your financial institution may impose an insufficient funds fee and notify you. (CUNA Mutual Group does not impose an NSF fee.) Please realize that 4 business days after the first attempt, a second attempt will occur to your account. It is important for you to have funds available prior to the second attempt, so you don’t incur two fees. If the second attempt is unsuccessful, our company will receive an electronic notification from your financial institution if they were unable to deduct/pay the premium from your account. We will then mail you a past due notice. This notice will request payment due within 20 days to our office. If you choose not to send the payment, your policy will follow the no forfeiture options setup for your policy. [Return to Top]
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. Central Time are processed within 3 calendar days. Requests received after 3:00 p.m. are considered received the next business day and will be processed within 4 calendar days.
Delivery methods available include:
| Method |
Time |
Charges |
| Check - sent via U.S. Postal Service |
Sent the day after request is processed. Receipt depends on U.S. Postal Service. |
None |
| Check - sent via Overnight Delivery Service |
Sent the day after request is processed. For most areas, you will receive the check the next business day. Some remote areas take 2 business days. |
$25.00 |
| Wire to your account |
Funds will be credited to your account the day after we process your request. We need the name of your financial institution, routing and account numbers, type of account (savings, checking, or share draft), and names on the account. |
$25.00 |
| Electronic Funds Transfer |
Funds will be credited to your account within 48 hours (business days) after your request is processed. We need the name of your financial institution, routing and account numbers, type of account (savings, checking, or share draft), and names on the account. |
None |
[Return to Top]
If a beneficiary is designated as irrevocable, then the beneficiary must give consent for any transactions or changes in the policy, including a change in the beneficiary. [Return to Top]
Yes, if more than one beneficiary is named, proceeds will be split equally among the named beneficiaries unless otherwise indicated. Benefits can be designated in varying amounts. Please call us at 1-800-779-5433 (if your policy was purchased by mail or phone) or 1-800-798-6600. (if your policy was purchased through a local representative) Monday through Friday - 7 a.m. to 7 p.m., CT. [Return to Top]
A late pay notice is mailed if we have not received your premium payment within 25 days after the due date. If you have recently mailed your payment, it is possible that the notice and your payment "crossed in the mail." If this is the case, you may disregard the late pay notice. [Return to Top]
Life insurance proceeds are not taxable.
The gain portion of annuity proceeds is taxable to the beneficiary when it is distributed. There are several ways to defer the gain. Contact us for more information on specific settlement options available. Our telephone number is 1-800-779-5433, ext. 3351 (if your policy was purchased by mail or phone), or 1-800-798-6600, ext. 3351 (if your policy was purchased through a local representative). [Return to Top]
Call our contact center at 1-800-779-5433 (if your policy was purchased by mail or phone) or 1-800-798-6600 (if your policy was purchased through a local representative) from Monday through Friday - 7 a.m. to 7 p.m., CT for a surrender form. Because of the importance of this decision, including possible taxation, an original surrender form signed by the policy owner is required to terminate the policy. [Return to Top]
The first deduction may not occur on the day you selected. We will send you a confirmation letter notifying you before the first deduction occurs. Thereafter, a draft will be sent on the specific day of the month you requested account deductions. If no draft day is designated, we will determine the date deductions will be sent based on the policy due date. Actual deduction from your account will occur 2 business days after the draft is sent, or longer if a holiday. Ex: you selected the 1st of the month for account deductions; if the 1st falls on a weekend, we will send the draft on the next business day, and the deduction will occur 2 business days later. [Return to Top]
Forms & FAQs for All Products
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
|
|
|
©1997-2012 CUNA Mutual Group.
|
|
