Life Insurance W-9

The use of Form W-9 goes beyond freelancers and private contractors. After all, the W-9 is used for requesting the Taxpayer Identification Number of an individual. One of the best examples of another purpose of the Form W-9 is when the death beneficiary of life insurance gets the death benefit. Although it isn’t asked in all cases, the insurance companies are likely to request a W-9 from the beneficiary before giving the death benefit.

The reasoning for this is the same as how companies are required to detail payments to the TIN of an unincorporated individual. The life insurance company isn’t going to fill out a 1099-MISC for it but may want to keep your information in their files as well.

How to Complete a W-9 for Insurance Companies?

The completion of Forms W-9 is the same for all purposes. So whether you’re a contractor that had a business with a company or the beneficiary of a life insurance holder about to get the death benefit, Form W-9 is filled out the same way.

Same as any other time when you fill out a W-9, the requester’s information on the Form W-9 isn’t necessary to complete. You can simply skip or enter the insurance company’s full business name requested the form. Upon filling out Form W-9 for the insurance company, you can then go ahead and sign the document.

The insurance company may want you to e-mail them the W-9 or hand them at the time of payment. If the W-9 is asked for you to be mailed, you can sign the W-9, then scan and e-mail it. Other related uses of Form W-9 can be found on our homepage.

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