Are death benefit proceeds taxable?
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] How do I terminate my policy? 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 8 p.m., and Saturday, 9 a.m. to 1 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.
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] How do I terminate my policy? 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 8 p.m., and Saturday, 9 a.m. to 1 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] If I sign up for automatic account deductions, when will the
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] How do I terminate my policy? 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] If I sign up for automatic account deductions, when will the deduction occur from my account?
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] Forms & FAQs for All Products Universal Life Insurance Services 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
