Group Term Life FAQ’s

• How do I file a claim?

  A: A complete claim consists of three least three pieces of information:

  1. Group Term Life Insurance Claim Form. This form can be obtained from the employer of the deceased employee. The form includes a portion that must be completed by the employer and a portion that must be completed by the beneficiary / beneficiaries who are requesting the Group Term Life Insurance payment.
  2. A Certified Death Certificate. An original certified copy of the death certificate is required in order for an application for Group Term Life Insurance benefits to be processed. Copies of the document will not be accepted in place of the certified version.
  3. A Beneficiary Designation Form. The beneficiary designation form is a document which would have been completed by the insured employee prior to his/her death on which the insured indicates to whom they would like their Group Term Life Insurance benefits to be paid. This document is kept in the employers records and will need to be obtained from the employer.

  For more information, please watch “Designating a life insurance beneficiary and filing a life insurance claim” by clicking this link.




• What is a beneficiary designation form?

  A: The beneficiary designation form is/was completed by the insured employee and names the individuals to whom the eligible life insurance proceeds should be paid. This document must be completed by the insured and submitted to the employer in order for the document to be considered.

  For more information, please watch “Designating a life insurance beneficiary and filing a life insurance claim” by clicking this link.




• What happens to the benefits if no beneficiary designation exists?

  A: If your employer does not have record of a beneficiary designation, most policies state that benefits will be issued to the estate of the deceased. In order for benefits to be paid to the estate, we will require legal documentation listing the court appointed personal representative of the estate. Benefits would be made payable to the estate and mailed to the personal representative.

  For more information, please watch “Designating a life insurance beneficiary and filing a life insurance claim” by clicking this link.
  




• What will happen to Group Term Life Insurance benefits payable to a minor beneficiary?

  A: Group Term Life Insurance benefits cannot be issued to a minor beneficiary without court appointed financial guardianship documentation. This court appointed financial guardianship documentation is required.

  In the event that minor beneficiaries exist but court appointed financial guardianship documentation is not provided, Madison National Life Insurance Company, Inc. can place the benefits payable into an interest bearing account which will be paid to the minor beneficiary following attainment of the age of majority.

  (We are not prevented from making payment to or for the benefit of a minor beneficiary in accordance with the applicable state law).




• What information is needed in order to file a claim for Accidental Dismemberment benefits?

  A: If the terms of your Group Term Life Insurance Certificate of Insurance includes Accidental Dismemberment benefits, a specific Accidental Dismemberment Claim form can be obtained from your employer. This form includes sections for the employer, physician, and insured to complete along with an authorization form to allow Madison National Life Insurance Company, Inc. to obtain additional medical information if necessary. To expedite the review of your application for Accidental Dismemberment benefits, we do recommend that a complete copy of the official and final accident report from the legal authorities that responded to the accident be provided. We also recommend medical records from the facility that treated you following the accident be provided.




• What information is required in order to receive the Accidental Death benefit associated with the Group Term Life Insurance?

  A: Accidental Death benefits require that the cause of death be the result of an accident as defined by the Certificate of Insurance. In order to confirm that the cause of death meets the requirements of the Certificate of Insurance, we require a complete final copy of the accident report as filed by the law enforcement entity that responded to the accident.




• Are Group Term Life Insurance benefits taxable?

  A: Generally, Group Term Life Insurance benefits are non-taxable; however any interest payments associated with the Group Term Life Insurance benefit are generally taxable. If interest was paid, forms required for filing taxes will be issued by Madison National Life Insurance Company, Inc. to the beneficiary who received the funds by January 31st of each year. Madison National Life Insurance Company, Inc. is not a tax advisor and does not give tax advise. You should consult your personal tax advisor for responses to your specific tax questions.




• I have read through this form and I still have questions.

  A: If your questions have not been addressed on this FAQ sheet, please contact our Customer Service line, Monday through Friday, 8:00am to 5:00pm. You will be able to speak with a Customer Service team member or a claim specialist who will assist in answering any remaining inquiries you may have. Our Customer Service line is 1(800)356-9601 ext. 2410.

The information contained above is being provided in an effort to answer some of the questions that may arise when filing an application for benefits. This FAQ is a summary only and is not part of the entire contract. If you have additional questions, we first suggest that you refer to your Certificate of Insurance which details the exact terms of your insurance. Should you continue to have questions you may contact us at 1-800-356-9601 extension 2410. Claim specific questions cannot be answered until your application for benefits has been received and your claim has gone through our standard billing and eligibility verification process.