QUESTION
Does an insurance company need the beneficiary social security number?
Asked on Feb 09th, 2013 on Estate Planning - California
More details to this question:
My father is buying insurance due himself and the insurance co told him that he needs my social security number because he wants to make me his beneficiary.
10 ANSWERS
Real Property Attorney serving Utica, MI
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Douglas A. Tull, P.C. Attorney at Law
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Yes - to report any post death income.
Answered on Feb 13th, 2013 at 6:34 PM
Yes, insurance companies and financial institutions often require the social security number of all beneficiaries to ensure that benefits are paid to the right person. If you don't want to provide that number, check with the company to see if they can assign you a identifying number.
Answered on Feb 12th, 2013 at 7:57 AM
2 Awards
Yes for claim verification upon payout.
Answered on Feb 12th, 2013 at 7:55 AM
Thomas Edward Gates
Yes, for tax purposes it is required.
Answered on Feb 12th, 2013 at 7:55 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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The answer is probably yes. Whether they need the information NOW, or when they pay the proceeds is a question. But they have reporting requirements in most cases, so this is likely a legitimate request.
Answered on Feb 12th, 2013 at 7:54 AM
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Yes. It is needed.
Answered on Feb 12th, 2013 at 7:52 AM
Yes, the insurance company needs the beneficiary's SSN for tax reporting purposes.
Answered on Feb 12th, 2013 at 7:52 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Yes they do need the beneficiary's social security number.
Answered on Feb 11th, 2013 at 11:25 PM
Yes, they want it to identify you and will need it if funds are ever paid to you.
Answered on Feb 11th, 2013 at 11:18 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Sounds like he holds the gold makes the rules. The reason the life insurance company needs your SS#, is for identification purposes when the policy of insurance matures at death, at which time, assuming you are still the named beneficiary, you will again be required to produce that information.
Answered on Feb 11th, 2013 at 11:18 PM