Frequently Asked Questions
Do you have a question about your Woman’s Life annuity or life insurance product? Listed below are answers to the questions most frequently asked of our Member Service Department Representatives. If your questions are not answered on this page, please contact us for assistance.
- What are dividends and why do the rates change?
- Who can witness my signature?
- Who is considered a disinterested person?
- Who can request information about my certificate?
- Can a person acting for me under a power of attorney request information about my certificate?
- How do I make a death claim?
- My coverage includes a disability rider. If I am disabled how do I make a claim?
- I would like to receive a regular income now from my annuity. What are my options?
- When must I begin required minimum distributions (RMDs) from my IRA annuity?
- I have incurred out of pocket expenses in association with an annual physical, a breast cancer screening, and/or a colon cancer screening. How do I apply for reimbursement of my expenses?
- What are my premium payment options?
What are dividends and why do the rates change?
Dividends on life insurance policies are a way that an insurance provider shares profits with its certificate holders when investment returns, claims experience and operating expenses are favorable. Dividends are not guaranteed and there are a variety of factors including interest rates, mortality experience and expenses that are considered when periodically reviewing the rates to determine whether a change should be made. Woman’s Life Insurance Society expects to pay over $250,000 in dividends to participating policies over the next twelve months. The Society has a strong history of financial stability and paying dividends. An analysis of the dividend rates was conducted and it was determined that the current rates are not supported by the profitability for several participating plans. In recent years, the Society had maintained relatively high dividend rates even though a decrease may have been justified. Due to continued unfavorable experience the Society has determined that a reduction in the dividend rates is required at this time. This reduction was approved by the Board of Directors and will take effect October 1, 2014.
Who can witness my signature?
Any adult can sign as a witness to your signature on most forms. If you are completing a reinstatement or change of beneficiary form, the witness must be a disinterested person (not a beneficiary).
Who is considered a disinterested person?
When completing Page 5 of the Claim for Death Benefit form, a disinterested person must be any adult other than a claimant. If you are a beneficiary making claim, you cannot sign Page 5 as the disinterested person. For other forms that require the signature of a witness, the witness must be a disinterested person and cannot be the insured, owner, or a named beneficiary.
Who can request information about my certificate?
The certificate owner must contact us to request information about their certificate. Additionally, a parent that signed an application for insurance for a child that is currently under the age of 21 can request information for that child’s certificate. Or if you wish, you can print and sign an Authorization for Release of Information. This release will remain in effect for one year unless revoked by the certificate owner.
Can a person acting for me under a power of attorney request information about my certificate?
Yes, if the Power of Attorney document grants that authority. We must first have a copy of the entire power-of-attorney document for our review. If the power-of attorney document is more than 1 year old, please print an Attorney Appointment Affidavit. This form must be completed and signed by the person holding power of attorney under the document.
How do I make a death claim?
Please submit a Claim for Death Benefit form. Please mail the completed Claim for Death Benefit form along with a certified copy of the deceased insured/annuitant’s death certificate to Woman’s Life at the address found in the instructions. The original certificate of coverage should also be returned if it can be located. For additional assistance, feel free to contact us.
My coverage includes a disability rider. If I am disabled how do I make a claim?
If you have been disabled for a period of no less than six months, you may contact Home Office to obtain an Application for Waiver of Premium on Account of Disability claim form and an Attending Physician’s Statement form. Please complete the form and return it to us at the Home Office.
I would like to receive a regular income now from my annuity. What are my options?
Several options are available, including consecutive withdrawals from your available certificate value or annuitizing your certificate’s value for regular periodic payments. Contact Home Office to discuss your options.
When must I begin required minimum distributions (RMDs) from my IRA annuity?
You are required to begin Required Minimum Distributions (RMDs) from your IRA annuity no later than April 1st of the year following the year that you reach age 70 ½. For subsequent years, RMDs must be taken no later than December 31st of each year. If you elect to defer your first RMD until April 1st of the year following the year that you reach age 70 ½, your second RMD must also be taken by December 31st in the same year. ROTH IRAs are not subject to RMDs.
I have incurred out of pocket expenses in association with an annual physical, a breast cancer screening, and/or a colon cancer screening. How do I apply for reimbursement of my expenses?
You may apply for reimbursement of up to a maximum of $50 per benefit mentioned above (one benefit per 12 consecutive month period) by submitting your request online via the MemberWeb Logon or by completing an Application for Good Health Benefits. Submit or forward your form and your proof of expenses to Home Office.
What are my premium payment options?
You may remit your payments by mail to Home Office on a quarterly, semi-annual, or annual basis. You may have a monthly payment deducted automatically from a bank account. Or, in select approved states, you may make monthly or quarterly recurring credit card payments using credit cards with a Visa®, MasterCard®, or Discover® logo.