What to do when an Oceanview Life account holder dies
Report the death to Oceanview Life's Customer Service at 1-888-295-3815
What happens to Oceanview Life annuity contracts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Oceanview Life's Customer Service (1-888-295-3815) to claim the funds.
Death claim process
Here is the step-by-step death claim process at Oceanview Life:
Filing a claim
- The form is made by the person(s) to whom the annuity is payable. If there is more than one beneficiary, each completes a separate form.
- If the contract cannot be returned with the statement, briefly explain why and give its location.
- The beneficiary's full Social Security number or taxpayer identification number must be on the form for the claim to be processed.
- The form header also prints PO Box 830, Grimes, IA 50111-0830, but its submission instruction names the street address.
Required Documents
- Death Claim Statement For Annuity Contracts (OVLAC-DC), pages 1-3Completed and signed, with a separate form for each beneficiary.
- Certified death certificate
- Beneficiary's full Social Security number or taxpayer identification numberWritten on the claim form.
- The contractIf it cannot be returned, a brief explanation of why and its location.
- IRS Form W-4R, if electing federal withholding at a rate other than 10%0% may be elected on the claim form.
- Request for Inherited Contract (OVLAC-APP-INHERITED), for an inherited contractWith IRS Forms W-9 and W-4P, a copy of the death certificate, and a copy of the most recent account statement.
Forms Oceanview Life issues3
- Death Claim Statement For Annuity Contracts (OVLAC-DC, Rev. 01/2024)
Completed by each person to whom the annuity is payable. Available to download.1
- Request for Inherited Contract (OVLAC-APP-INHERITED, Rev. 10/2022)
Completed by a beneficiary requesting an inherited contract. Available to download.2
- Contract Information Change Form
Completed by a surviving spouse who continues the contract, to name new beneficiaries. Available to download.1
What happens to each kind of account1
- Annuity
Spousal continuance on the claim form is for a claimant who certifies: "I am the spouse of the deceased and the sole Primary Beneficiary on the contract." A Contract Information Change Form in the death claim package names new beneficiaries.1
A spouse entitled to 100% of the death benefit may continue the contract. If a joint owner spouse dies with no primary beneficiary listed, the proceeds are paid to the surviving joint owner spouse. Establishing an inherited contract involves additional administrative requirements and an individual review by Compliance.3
Oceanview offers spousal and non-spousal inherited IRA contracts and non-qualified stretch contracts.4
Additional deposits are not accepted for inherited contracts.2
What Oceanview Life's agreement and guidance say2
- How proceeds are paid
The claim form offers spousal continuance, a lump-sum cash distribution, periodic payments (annuitization), a transfer of the lump sum to another company, or a 1035 exchange. Transfers and exchanges need transfer paperwork; periodic payments need additional forms, and the form asks the claimant to call for quotes.1
The contract pays interest on the death benefit from the owner's death until the claim is paid. Another 10% a year is added if payment is not issued within 31 days of the latest of due proof of death, the information to determine liability and the payee, and resolution of legal impediments.5
- What it says about taxes
Oceanview's claim form says that if no withholding election is made, federal income tax is withheld at 10%, applied only to the portion of the distribution includable in income. It says taxes withheld per your elections or under state rules will not be refunded.1
Not in Oceanview Life's published guidance1
- How long a claim takes
Sources5
- 1.Death Claim Statement For Annuity Contracts (OVLAC-DC), Rev. 01/2024
- 2.Request for Inherited Contract (OVLAC-APP-INHERITED), Rev. 10/2022
- 3.Agent FAQs
- 4.Forms page
- 5.Alabama Department of Insurance, Report of Examination, as of December 31, 2023
Oceanview Life's Customer Service can be reached by phone at 1-888-295-3815 and fax at 1-888-417-3702 for questions throughout the claims process.
Sources
Data sourced from Oceanview Life primary sources (26 pages reviewed). How we research.
Oceanview Life death claims support
Customer Service
Phone
Fax
Hours
Mailing address
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