Life changes. We ll be there. A Helpful Guide Upon the Loss of a Loved One

Transcription

1 Life changes. We ll be there. A Helpful Guide Upon the Loss of a Loved One

2 Important information to have available when filing a claim n Policy number(s) n Full name of the deceased n Date and manner of death n Name and contact information, including mailing address, or fax number for the individual filing or assisting with filing the claim. n If policy number(s) cannot be located, be sure to have the insured s full date of birth and last four digits of their Social Security number. The following paperwork will be needed for all claims: n A claim form completed and signed by each beneficiary. n A certified copy of the death certificate for the insured. Additional documentation or forms may be required if: n The named primary beneficiary has pre-deceased the insured. n An estate, trust, corporation or other legal entity is the named beneficiary. Need help starting the claims process? To begin filing a death claim with Ohio National, please contact Customer Service at (Option 4), or submit the Online Death Claim Notification form at ohionational.com under Service Center > Claims. Already have forms? Complete and send forms to Ohio National at the following address: Ohio National Financial Services Attn: Claims Department PO Box 237 Cincinnati, OH 45201

3 Giving you peace of mind... L osing a spouse or loved one is one of the most difficult times in your life. The life insurance policy with Ohio National was established to provide financial support after loss. Knowing where to turn, which paperwork to complete, as well as which steps to take, can make the claims process much easier. This brochure will address many of your questions and concerns as you begin filing a claim. Your Ohio National agent can also guide you in completing and submitting the proper claim paperwork, or answer your questions. Let us help you with this process.

4 Frequently Asked Questions for Death Claims Does Ohio National require a certified death certificate? Yes, Ohio National requires an official certified death certificate for all death claims. Why does Ohio National request a death certificate that includes cause and manner of death? Ohio National requires the cause and manner of death for a number of reasons. If the death was the result of a homicide, we will need to verify there was no beneficiary involvement. State laws prohibit life insurance benefits from being distributed to anyone who has caused the death of another individual. Moreover, various policies have suicide exclusions and the cause and manner of death will be important for those claims as well. Does Ohio National request the policy to be returned? Yes, Ohio National asks for the entire policy to be returned. If the policy has been lost or destroyed, this can be indicated on the completed claim form. Are there additional requirements when the beneficiary is a minor? Life insurance benefits cannot be paid directly to a minor. How the payment is made will depend upon the amount payable as well as the state in which the minor resides. Many states: n Allow benefits to be paid under the Uniform Transfer to Minors Act, if the amount payable is less than a specified amount. n Allow the court appointed guardian to file a claim on behalf of the minor, once we receive Letters of Guardianship naming the guardian of the minor s estate. n Per written request of the minor s parent or legal guardian, allow the insurance benefits to be held with the insurance company until the minor child reaches the age of majority. What does Ohio National require when the estate of the insured is named as the beneficiary? Ohio National requires a certified copy of the Letters of Administration for the estate of the insured and a claim form completed by the court appointed executor of the estate. This document is issued by the court and may require legal representation. For small estates, some states allow insurance benefits to be paid under a Small Estate Affidavit directly to the heirs of the estate.

5 What should you do when settling an estate? If your loved one named you as executor of their estate, you will likely need to seek an attorney s advice on how to settle the estate. It may be wise to work with an attorney who is familiar with handling estates and can offer advice to ensure you are fulfilling all your legal responsibilities as the estate s executor. What does Ohio National require when the Trust is named as the beneficiary? When a Trust is named as the beneficiary, Ohio National requires either a copy of the Certification of Trust or copies of the pages of the Trust Agreement to include the following: n The full name and date of the Trust. n The Grantor(s). n The name of the Trustee(s), as well as any Co-Trustee (s) or Successor Trustee(s). n The Grantor(s) signature(s), including any witness or notary signature(s). n The section of the Trust that explains where the Co-Trustee has the authority to act independently (if applicable). n Each trustee must sign and complete Death Claim Form 9102 indicating their title as Trustee. n We reserve the right to ask for a full copy of the Trust. What if the beneficiary has pre-deceased the insured? If the primary beneficiary has predeceased the insured, the proceeds are then payable to any remaining beneficiaries. If no contingent beneficiary is designated, then the proceeds are typically payable to the policyowner or policyowner s estate. What if the insured is divorced at the time of death and the insured s former spouse is named as the beneficiary? If the insured is divorced at the time of death and the insured s former spouse is named as beneficiary, the spouse may file a claim. A copy of the Divorce Decree or Settlement Agreement will be requested. Any questions should be directed to Ohio National s Claims Department. Are life insurance benefits taxable to the beneficiary? Generally, life insurance benefits are received income-tax free. However, interest paid on death benefits is taxable and reported to the IRS. We advise you to consult with your tax adviser regarding your particular situation. Does Ohio National accept funeral home assignments? Yes, Ohio National accepts funeral home assignments and requires an assignment form with notarized signatures of all beneficiaries. In addition, a copy of the funeral home expenses must also be provided.

6 How long does the life insurance claim typically take to process? Ohio National s goal is to process your life insurance claim in approximately 5-7 business days from the date we receive all the necessary requirements. Please note that additional time should be allowed for certain situations and mailing of the proceeds. Will Ohio National provide a form 712 for tax purposes? Yes, Ohio National will provide a form 712 for death benefits exceeding $100,000 or upon request and it will be prepared at the time the insurance claim is paid. What are my payout options on my insurance proceeds? Ohio National offers various options on what you are able to do with your funds after a claim has been processed. These various options include: n When available, opening an Accessible Benefits Checking (ABC) account, which allows you to maintain your proceeds at interest while you determine how you would like to use them; n Obtain a lump sum payment in the form of a check; n Elect a settlement option; n Apply for a new policy (contact your Ohio National agent). What are the settlement options and what choices do I have? Settlement options are methods of paying policy proceeds in a manner other than a single sum payment. There are several methods in which proceeds can be paid to help protect the financial security of the beneficiary. These options include: n Leaving proceeds with Ohio National at interest; n Payments for a certain period of time; n Life income; and n Payments of a certain amount. The right option for each individual is determined by that individual s own circumstances. In addition, not all policies offer these options, and it would be best to consult with your agent or a customer service representative to help determine what the policy specifically offers. Please note that the above options are only available to choose from if the policy allows, and if the policyholder did not already elect an option prior to his or her passing. It may be appropriate to consult with your agent to discuss what option will work best for you and your financial future.

7 Important Reminders We understand that coping with the loss of a loved one means facing significant decisions and financial considerations. The following are helpful reminders to assist you at this time. Important papers and documents to locate: n Certified death certificate n Last Will and Testament and trust documents n Social Security card n Individual and group life insurance policies n Disability income, annuity and property insurance policies n Safety deposit box number, location and key n Birth certificates of all surviving children n Marriage and/or divorce papers n Name and phone numbers of current employer n Employer benefit plans, pension plan and 401(k) n Real estate papers, such as deeds and mortgage documents n Important tax documents n Statements for all bank accounts n Automobile titles/registrations n Instructions for funeral proceedings n Deed to cemetery plot n Military service serial number and dates of entry and discharge n Veteran s benefits Who to contact: n Family members and close friends n Attorney n Insurance companies n Social Security office n Executor named in the Will n Trustees named in the Trust n Employer n Financial professional Remember to (if applicable): n Change the name on auto insurance n Cancel or change the name on credit cards, debit cards, bank accounts, stock and bond accounts n Check the name on homeowner s insurance n Change the name on home utilities n Change the number of tax exemptions with your employer n Update beneficiary information on such documents as wills, insurance policies, mutual funds stock and bonds n Transfer any mileage remaining from frequent flyer programs

8 Questions? If you have any questions regarding filing a claim, please feel free to contact our Claims Department toll-free at or you may visit ohionational.com > Service Center > Claims. The Ohio National Life Insurance Company Ohio National Life Assurance Corporation One Financial Way Cincinnati, Ohio Post Office Box 237 Cincinnati, Ohio Telephone: Form Insurance and annuity products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Companies not licensed to conduct business and products not distributed in Alaska, Hawaii and New York. APPROVED FOR CLIENT USE.