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My SS# Requested to Claim Balance???

Posted by scarab4life (My Page) on
Sat, Jun 18, 11 at 18:50

Almost 2 years ago, I executed a pre-needs agreement for my mother with a funeral home. A lump sum was paid to an insurance company per State law. My mother recently passed away and since the amount I paid to the insurance company exceeded the pre-needs agreement amount, I was told by the funeral home that I need to submit my social security number to obtain the refund. Why is my Social Security Number necessary? Does the insurance company plan to issue a 1099 Form to me?

If anyone has experience with this, please let me know.

Follow-Up Postings:

RE: My SS# Requested to Claim Balance???

Insurance companies are required to report all proceeds paid out to the IRS. You don't necessarily get taxed on them - life insurance proceeds are generally tax free, for example - but insurers must abide by federal laws.

No reason to get upset. Your SocSec number isn't secure anyway.

RE: My SS# Requested to Claim Balance???

If the owner of the policy was your mother, perhaps you could have them make the payment to her estate, using her SSN.

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