Life Insurance FAQ

Get answers to your questions about life insurance to choose the right coverage and secure peace of mind.

Life FAQ2025-03-10T07:24:54-04:00
How does life insurance work?2025-03-10T00:01:17-04:00

Life insurance provides financial protection for your loved ones in the event of your death. This benefit can help cover expenses such as funeral costs, outstanding debts and living expenses, ensuring your family’s financial stability during a difficult time. Our variety of life insurance options are tailored to meet your unique needs and provide peace of mind for you and your loved ones.

Why should I consider life insurance?2025-03-10T00:01:02-04:00

Life insurance is an essential part of a comprehensive financial plan. It helps to ensure that your loved ones are financially protected in the event of your passing and can be used to cover expenses like funeral costs, mortgage payments, and daily living expenses. Life insurance from Renaissance can also provide funds for your children’s education or help your family maintain their standard of living. Securing a life insurance policy with Renaissance can provide you with peace of mind knowing that your family’s future is safeguarded with financial support they may need during a challenging time of loss.

Can I view these benefits online?2025-05-30T11:43:28-04:00

Yes. To view your benefits and claims, log in to MyRenBenefitsManager.

Is Direct Deposit available?2025-06-30T16:34:23-04:00

Yes, direct deposit is available for most of our clients*. To sign up for direct deposit, download and complete the Authorization of Direct Deposit of Claim Payment form. Return the completed form along with a deposit slip or voided check.

The documentation can be submitted by using the upload feature in your claim within the portal, or by emailing groupclaims@renaissancefamily.com or faxing to 607-773-2276.

Once received, it may take up to 10 days to process your direct deposit request. Once direct deposit is set up, benefit payments are typically available in your account within 2-3 business days after a payment is processed.

*If your employer’s group number starts with the letter “G”, direct deposit is not available at this time.

How do I file a life insurance claim?2025-03-10T06:54:16-04:00

Download the claim forms from the Claim Forms and Information page and scan/email to groupclaims@renaissancefamily.com or fax to 607-773-2276.

The claim form must be completed by both the claimant/beneficiary and the employer.

If there are multiple beneficiaries for a death claim, each beneficiary must submit a separate claim form.

What if the beneficiary is a minor child?2025-03-10T06:58:09-04:00

Special state-specific rules apply when a beneficiary is a minor child. Life insurance benefits cannot be paid directly to a minor child. The claimant/beneficiary statement must be completed by the legally recognized financial guardian of the minor child and must include copies of a court issued Order Appointing Guardian/Conservator of the estate of the minor and Certified Letters of Guardianship/Conservatorship for the estate of the minor. If unavailable or not provided within the escheatment time frame dictated by the state, this may result in the benefit being escheated to the state’s Unclaimed Property division for the benefit of the minor. If benefits are escheated to the state, the minor may claim the benefits from the state once they attain the age of majority specified by the state.

What if the deceased was divorced and named their ex-spouse as beneficiary?2025-03-10T07:00:29-04:00

If the divorce occurred while the policy was in force, the state jurisdiction will determine how or if the divorce impacts the ex-spouse’s eligibility as a beneficiary. In some states, the beneficiary designation of an ex-spouse is automatically revoked at the time of divorce. In this situation, if the member wants the ex-spouse to remain the named beneficiary, they would need to complete a new beneficiary designation form after the divorce was finalized.

In some cases, the court may mandate that the ex-spouse remain the beneficiary of the policy, even if the member has updated their beneficiary designation to name a different beneficiary. Copies of the divorce decree and/or property settlement may be needed to determine eligibility of the ex-spouse or any other named beneficiary(ies) before the death benefits can be processed.

What if there is no named beneficiary for a death claim?2025-03-10T07:01:16-04:00

If there is no beneficiary designation or no named beneficiary, benefits will be paid to the eligible surviving family member(s) according to the order listed in the policy document.

What if the Estate is named as beneficiary?2025-03-10T07:01:56-04:00

Generally, a court issued Certified Copy of the Letters of Administration or Letters Testamentary for the Estate of the insured will be required, showing appointment of Executor/Administrator of the Estate of the Insured along with IRS form SS-4 confirming the estate TIN number and contact information. In addition, the Executor must complete claimant statement. Some states may allow benefits to be paid under a Small Estate Affidavit, depending on the states regulations and the amount of benefit.

What if a Trust is named as beneficiary?2025-03-10T07:02:36-04:00

Copies of the Trust and any amendments (signed/notarized) will be required, confirming the Trust Identification Number and contact information. The claimant statement must be completed by the Trustee.

Are funeral home assignments accepted?2025-03-10T07:03:14-04:00

Yes, generally funeral home assignments will be accepted whenever possible, but there may be times when a funeral home assignment cannot be accepted or processed. There may be state statutes or other circumstances that prevent funeral home assignments from being accepted.

Will I receive a tax form if I receive benefits as a beneficiary?2025-03-10T07:04:01-04:00

The death benefit is not reportable for tax purposes, but interest paid may be. A 1099-INT form will be provided for any interest paid in the amount over $10 for a life insurance claim.

What is a Form 712 and will one be provided?2025-03-10T07:04:39-04:00

The Form 712, Life Insurance Statement, is used to report the value of life insurance policies for estate tax purposes and is filed by executors with other IRS forms (Form 706, 706-NA, or 709) for insurance policy or premium amounts. A Form 712 will be provided upon request after a death claim payment has been processed.

Who should I contact if I have additional questions about my employer-sponsored life insurance?2025-07-03T14:34:38-04:00

If you’ve already filed a claim, you can contact our Customer Care Team or your assigned claim examiner by calling 800-894-4532, Monday through Friday, 8AM to 5PM Eastern.
If you have not yet filed a claim or are seeking general information about your disability insurance benefits provided through your employer, please reach out to your benefits administrator or human resources representative.

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