Ensure the policy number, Insured’s name, Owner’s name and phone number are provided at the top of the form. Complete the Surrender section of Form 244, and be sure to indicate the disposition of the physical policy contract. Proceed to the Federal Withholding information section. Provide the Social Security number or the truncated Social Security number (indicated by xxx-xx- then the last four digits). Select yes or no for the withholding. The standard withholding is 10 percent of the taxable amount. To elect a flat amount or higher percentage, indicate that specifically in this section.
Note: Financials can be automatically sent to the Owner’s financial institution instead of sending out a physical check. To request funds be automatically deposited into a client’s account, complete the ACH Authorization form, making sure to include a voided check or bank verification form. Note: The Owner of the policy must show as an account holder of the financial/bank account.
Provide ALL required signatures as indicated below. These signatures apply to policy changes, or to request for the payment of any financial proceeds.
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If Policy has... |
Signature Needed... |
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A person or persons as Owner |
Owner(s) only |
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A Corporate Owner |
President or Vice President attested by Secretary or Assistant Secretary on Corporate Form 244. (Check is made payable to the Corporation.) |
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A Trust Owner |
Trustee or Trustees - as per trust aggreement |
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Creditor Beneficiary or Irrevocable Beneficiary |
Creditor or Irrevocable Beneficiary, and Owner (Check payable to Owner.) |
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Absolute Assignee* |
Assignee Only (Check made payable to Assignee.) |
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Collateral Assignee* |
Assignee and Policyowner. (Check made payable jointly to Policyowner and Assignee.) |
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*If a Bank is listed as Assignee or beneficiary, the signature of the President or Vice-President is required with their title clearly stated. |
Click here for details on how to direct the form to the Home Office.
501(C), 403(B), and TSA plans, also require Form 253 along with Form 244 for withdrawal amounts accumulated after Dec. 31, 1998.
For the necessary spousal waiver forms required to request a distribution from XPT's and HR-10 plans, contact the Variable Administration and Special Plan Administration team at ext. 8050.