Estate Planning 101

Notifying Assurity Life Insurance Company After a Loved One’s Passing

September 13, 2023

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In the aftermath of a loved one's passing, handling their affairs often involves communicating with various organizations, including their pension provider. If your loved one had a pension plan with Assurity Life Insurance Company, it is crucial to notify them to handle the necessary changes to the policy and potential payouts.

Who Should Be Notified

Assurity Life Insurance Company needs to be notified if your loved one had a pension plan with them. The company will guide you through the process of handling the pension plan, which may entail ceasing payments or transferring them to a beneficiary.

When to Notify

You should notify Assurity as soon as possible after the death of your loved one. This helps prevent any overpayments and assists in a smooth transition of any benefits to designated beneficiaries.

How to Notify

You can notify Assurity of a death by calling their customer service line at 1-800-869-0355, ext. 4484. Be prepared to provide the policy number and a copy of the death certificate. Remember, it's crucial to send a copy of the death certificate, not the original, as you may need the original for other purposes.

What to Expect After Notification

After notifying Assurity, they will guide you through the next steps. If the deceased had designated beneficiaries on their pension plan, the benefits may be transferred to them. If there were no named beneficiaries, the benefits may go to the estate. You may also be informed about potential tax implications.

Tips for Notification

When notifying Assurity, it's advisable to keep a record of all communications, including dates, times, and the names of any representatives you speak with. This can be helpful if there are any discrepancies or issues down the line.

It may also be beneficial to consult with a financial advisor or estate planning attorney to understand the potential tax implications and the best way to handle the transfer of benefits.

Conclusion

While dealing with the loss of a loved one, handling their pension plan is an important task. Notifying Assurity Life Insurance Company promptly can ensure a smooth transition of benefits and prevent potential issues. Though it can seem daunting, with the right information and support, you can successfully navigate this process.

FAQ

Q: What if I can't find the policy number?
A: If you don't have the policy number, Assurity's customer service should still be able to assist you. They will likely need the deceased's full name, date of birth, and Social Security number to locate the policy.

Q: What if there are multiple beneficiaries?
A: The pension benefits will typically be split according to the deceased's designated percentages. If no percentages were specified, the benefits may be divided equally among the beneficiaries.

Q: What if the beneficiary is a minor?
A: If a minor is a beneficiary, a legal guardian will typically handle the benefits until the minor reaches the age of majority. It's advised to consult with an attorney in this situation.