FAQs

The person(s) or entity designated by the insured to receive the death benefit in the event the primary beneficiary dies before the insured, disclaims the death benefit or is disqualified under law.

The benefit can be paid into an interest-bearing settlement account on behalf of the minor beneficiary. The minor’s social security number and date of birth must be provided on the claim form. The funds will be available to the minor when they reach age of majority.

If the benefit amount is under the state UTMA (Uniform Transfer to Minor’s Act) limit, the funds may be disbursed to the custodian of the minor child. There are certain guidelines and limitations determined by each state regarding disbursement of funds to a minor under this act. Contact New York Life for specific information.

New York Life cannot process the claim without this information. Interest is paid on most claims from the date of death until the claim is paid. The Social Security Number or Federal Tax Identification Number is required to report interest payments to the Internal Revenue Service.

A Federal Tax Identification Number will be issued to an estate of a deceased or to a trust. The Federal Tax Identification Number is used to report the interest paid to an estate or a trust.

The court appointed executor/personal representative should submit the fully completed claim form, certified death certificate and copy of the court papers appointing the individual as the executor or personal representative of the estate.

The claim may be settled through a Survivorship Affidavit - Deceased Insured. Call the New York Life toll-free claims number, (800) 695-5165, to understand the requirements for settling a claim when the insured’s beneficiary is an estate

The claim may be settled through a Survivorship Affidavit - Deceased Beneficiary. Call the New York Life toll-free claims number, (800) 695-5165, to understand the requirements for settling a claim when the insured’s beneficiary is an estate

The trustee should submit the fully completed claim form and a certified death certificate. A copy of the trust may also be requested.