What to do when a Great American Life account holder dies

Completed by each beneficiary. Available to download.¹

Completed by each contingent payee. Sent by the institution on request.²

Spousal continuation as Successor Owner is open only if the sole beneficiary is the surviving spouse, civil union partner or domestic partner. The survivor takes over the contract and names new beneficiaries, and any guaranteed withdrawal or death benefit rider in effect at death continues unless terminated in writing.³

A terminated rider cannot be reactivated, and a charge applies while it stays in force. With the Legacy Ascender rider on an American Landmark 5 or American Legend 7, Successor Owner does not pay the rider death benefit; the rider continues with the spouse as the new insured and pays at that person's death.³

On an annuity already in payout, no death benefit is payable unless the contract carried a period certain or refund feature. The annuitized claim form offers only Resume Stream of Payments or a Lump Sum equal to the present value of the remaining payments, and addresses claimants as contingent payees.^{3, 2}

The claim packet's interest notice says interest is paid from the date of death if the proceeds are not paid within 30 days of death.⁴

The claim packet's interest notice says interest at 10% is paid if the proceeds are not paid within 31 days of receiving due proof of death.⁴

The claim packet's interest notice gives a trigger of 10 days from due proof of death.⁴

The claim packet's interest notice says interest runs from the date of death to the date of payment.⁴

The claim packet's interest notice gives a trigger of 30 days from the date of death.⁴

The claim packet's interest notice gives a trigger of 30 days from due proof of death.⁴

The claim packet's interest notice gives a trigger of 30 days from due proof of death.⁴

A bereavement guide from MassMutual Ascend for survivors.⁵

Each beneficiary elects one option on the claim form: Successor Owner, Lump Sum or Stream of Payments. The election is final and cannot be revoked. A claimant age 95 or older must take a lump sum or annuitize unless rider income benefits have started or will start now.³

A lump sum is paid by regular mail, to a brokerage account, or as a direct rollover, transfer or 1035 exchange to an inherited IRA or inherited non-qualified contract. Express check delivery costs $20 deducted from the death benefit, cannot go to a P.O. box, and does not speed up processing.³

Once a claim payment is processed it cannot be reversed, and a different claim option cannot be chosen.⁶

At the trustee's or personal representative's request and subject to MassMutual Ascend's approval, benefits may in limited circumstances be paid directly to the trust or estate beneficiaries rather than into the entity. Additional forms and documents are required; call 800-854-3649 to ask.⁶

The claim packet's Notice to Beneficiaries About Interest names the states where MassMutual Ascend pays interest on the proceeds. Interest runs until the lump sum or the first periodic installment is paid; call 800-854-3649 for the applicable rate.⁴

MassMutual Ascend's customer service representatives can tell you the taxable portion of each option but cannot give advice.⁶

Legacy Great American Life policy and contract numbers are still valid and are still the servicing numbers.³