Free Printable Life Insurance Policy, Collection By Executor Form (GENERIC)

This review list is intended to educate you about the content of this document and to aid you in its preparation. An Executor’s primary responsibility is to seek satisfactory insurance coverage. If you are aware of the insurance number, include it in your letter. You should continue to leave the door open for more prospective policies. Clients frequently return to the same insurance firm when they want coverage for a variety of different objectives. Occasionally, they lose track of the policies, particularly if they were implemented to ensure the continuation of other corporate operations.

You should maintain a copy of the letter and any attachments for your records.

Additionally, you should save copies of all letters from the insurance company and any phone calls for re-examination after receiving additional information from other parties.

Expect the life insurance company to seek certified copies of specific papers, such as the Death Certificate and Letters of Administration, along with a follow-up letter. When a certified copy is requested, the writer must submit the original document, not a photocopy. Any other pertinent papers may be included in the letter as photocopies (rather than the originals). When a certified original is necessary, we recommend using a reputable overnight delivery service such as FedEx to ensure both parties have accurate tracking information.

Life Insurance Policy, Collection By Executor

Download DOCX

Life Insurance Policy, Collection by Executor
Re: Estate of: ___________________
Date of Death: __________________
Social Security Number: __________
To Whom It May Concern:
I am the Executor of the Decedent named above. I believe that the Decedent owned a life insurance policy or policies with your company but I do not know the policy number (s). Please check your records and send me any information you may have regarding any such policies. Please furnish me with your claim forms, a list of requirements for payment of the policy proceeds, the IRS Form 712 for use in the preparation of estate tax returns, and any other information you believe would be helpful to me as experts in the field.
It appears that the Decedent may have also owned a partial or whole interest in a policy on another person whose identity is unknown to me. Please send me the necessary information and forms to cash in the Decedent’s interest in this policy. Forward the IRS Form 712, completed as of the Decedent’s date of death, for use in the preparation of estate tax returns and a Change of Beneficiary Designation form.
Thank your for your prompt attention to this matter. Please advise me of anything else you think would be useful to your former client’s Estate.
Please contact me if you have any other questions or need additional information.
Thank you in advance for your prompt assistance.
With best regards,
__________________ Date: ____________________
Executor
Life Insurance Policy, Collection by Executor
Review List
This review list is provided to inform you about this document in question and assist you in its preparation. Seeking out insurance policies is a basic function of an Executor. If you know the policy number, furnish it in the letter. You should still leave the question open about other possible policies. Clients usually go back to the same insurance company when they need insurance for different purposes. Sometimes, they lose track of the policies, especially if they were done to guarantee other business activities.
1. A copy of the letter and any documents enclosed with the letter should be retained by you for your records. In addition, you should keep a copy of all correspondence from the insurance company and maintain a record of all phone conversations for re-examination after you receive more information from other parties.
2. Be prepared for the life insurance company to request certified copies of certain documents, such as the Death Certificate and Letters of Administration, to be sent along with a follow-up letter. When a certified copy is required, the writer must send the original and not a photocopy of the document. Photocopies (rather than originals) of any other relevant documents may be included with the letter. When a certified original is required, we recommend you use a well known over night delivery service such as FedEx to provide clear tracking information on both ends.

Frequently Asked Questions

What is the role of an executor in collecting life insurance proceeds?

The executor is responsible for identifying and collecting life insurance policies owned by the decedent. They must contact the insurance company to request information, claim forms, and other necessary documents. The executor also needs to obtain IRS Form 712 for estate tax purposes.

How can an executor find a life insurance policy if they don't know the policy number?

The executor can send a letter to the insurance company providing the decedent's name, date of death, and Social Security number. The company can then search its records for any policies. The letter should request all relevant information and claim forms.

What documents should an executor request from an insurance company after a death?

The executor should request claim forms, a list of requirements for payment, IRS Form 712, and any other helpful information. If the decedent owned an interest in a policy on another person, the executor should also request forms to cash in that interest and a Change of Beneficiary Designation form.

What is IRS Form 712 and why does an executor need it?

IRS Form 712 is used to report life insurance proceeds for estate tax purposes. The executor needs it to prepare the estate tax return. The form should be completed as of the decedent's date of death.

Can an executor collect life insurance proceeds if the beneficiary is someone else?

The executor's role is to collect the proceeds if the estate is the beneficiary. If a specific person is the beneficiary, the proceeds typically pass directly to them and are not subject to probate. However, the executor may still need to include the policy in the estate tax return.

What if the decedent owned a life insurance policy on someone else?

If the decedent owned a partial or whole interest in a policy on another person, the executor should notify the insurance company. They should request the necessary information and forms to cash in the decedent's interest. This may include a Change of Beneficiary Designation form.

How does an executor request information from an insurance company about a decedent's policy?

The executor should send a formal letter to the insurance company. The letter should include the decedent's name, date of death, Social Security number, and the executor's contact information. It should request policy information, claim forms, and IRS Form 712.

What is a Change of Beneficiary Designation form and when is it needed?

A Change of Beneficiary Designation form is used to change the beneficiary on a life insurance policy. It may be needed if the decedent owned a policy on another person and the executor needs to update the beneficiary. The insurance company can provide this form upon request.

Are life insurance proceeds subject to estate taxes?

Life insurance proceeds may be subject to estate taxes if the decedent owned the policy or had incidents of ownership. The executor must report the proceeds on IRS Form 712 for estate tax purposes. The estate tax liability depends on the total value of the estate.

What should an executor do if they are unsure about the decedent's life insurance policies?

The executor should contact all potential insurance companies with the decedent's information. They can also review the decedent's financial records and mail for premium notices. Requesting a records search from insurers is a key step.