 |
 |
 |
 |
 |
|
 |
|
|
 |
||||||||
|
|||||||||||||||||
|
||||||
 |
|
|
 ColumbusLife.com's FAQs section provides answers to the most frequently asked questions about our company, products, and services. Below is a brief summary of the different kinds of FAQs listed here for your quick reference: General FAQs Product FAQs
 General FAQs
[ top ]
Product FAQs Basic Life Insurance FAQs [ top ]
Term Life Insurance FAQs
[ top ]
Universal Life Insurance FAQs [ top ]
Variable Universal Life Insurance FAQs
[ top ]
Annuity FAQs [ top ]
My Policy FAQs [ top ]
General FAQs Who is the Columbus Life Insurance Company? Columbus Life Insurance Company provides life insurance and annuity products that meet the needs of affluent customers, professionals, and businesses throughout the nation. Columbus Life operates in 48 states and the District of Columbia through a nationwide network of independent producers and registered representatives. Columbus Life is a member of Western & Southern Financial Group a dynamic family of diversified financial services companies that provide life insurance, retirement planning and investment products and services to help millions of consumers nationwide to plan and protect their futures. [ top
]
How can Columbus Life help me plan for my retirement? Columbus Life can provide you with the financial plan you need to ensure that your golden years really will be golden. Because Social Security and pension benefits may cover only about one third of total retirement expenses, most retirees have to use personal savings and investments to make up the difference, and the cost of delaying retirement planning can be very significant. Here's an example:  Amazingly, by delaying saving just 10 years, you will be forced to save $185 more per month to accumulate $100,000. Most financial planners agree that time can be your greatest friend or worst enemy when building a secure retirement. Whatever your financial goal, the cost of waiting can be great. Columbus Life offers many insurance and annuity products to help you reach your retirement goals. [ top
]
Product FAQs Basic Life Insurance FAQs Do I need a medical exam to qualify? Not all life insurance requires a medical exam to qualify for coverage. The need for medical exams will vary based upon the type of insurance for which you are applying, your age, and the face amount of the policy. If a medical exam is required, The Columbus Life Insurance Company will cover all expenses incurred in the exam and will provide you with all necessary documentation. [ Top
]
What is the maximum age that I can purchase life insurance? We offer a variety of products that all have their own separate maximum ages to purchase. Typically, you can purchase life insurance up until your 79th birthday. (Please consult with your Columbus Life representative for details.) [ Top
]
What is a rider? A rider is an amendment to an insurance policy that becomes part of the insurance contract and expands or limits the benefits. These options help to make your policy more specific to your insurance needs. [ Top
]
What are the differences among a policy owner, the insured, and the beneficiary? The policy owner is the person who owns the insurance policy, while the insured is the individual whose life is insured. The beneficiary is the person or other party designated to receive the proceeds from the life insurance policy following the death of the insured. [ Top
]
Term Life Insurance FAQs What is term life insurance and how does it work? Term insurance is affordable, temporary insurance that provides coverage for a pre-determined period of time (10, 20, 30 years, etc.). It provides you the largest amount of coverage for the dollar when your financial obligations are the greatest. It is pure protection and does not build cash value. [ Top
]
What are the advantages of purchasing a term life insurance product? Term life insurance is a very cost-effective way to provide protection for you, your family, or your business. You decide the length of term you want your policy to be in force. These increments can be in 10-, 20- or 30-year durations. This allows you to set aside a premium amount each month to cover a specific need such as mortgage protection. [ Top
]
What is a Return of Premium Rider? A Return of Premium Rider (ROP) is available on some term insurance policies. This rider returns the sum of all annual premium paid(including base policy fee and ROP rider premium) at the end of the initial term period, provided the policyowner is still living and the policy remains in force. Premiums for substandard table ratings, flat extras, and all other riders are not included in the return of premium. [ Top
]
Must my spouse and I both purchase a policy? No. Columbus Life currently offers the option of adding a term rider to your policy that provides coverage to your spouse. [ Top
]
Universal Life Insurance FAQs What is universal life insurance? A universal life insurance policy is an interest-sensitive, flexible-premium, adjustable life insurance policy. The policy owner selects the amount of insurance (selected amount) and periodic premium (planned premium) for which to be billed. Net premiums paid plus current interest credited are combined to form the policy account value. The cost of insurance, per policy charges, per thousand charges, and other policy and rider charges are deducted monthly from the policy account value. [ Top
]
What is the key feature of universal life insurance? The key feature of a universal life insurance policy is flexibility. This flexibility is provided in three ways:
[ Top
]
What are the two most common available universal life death benefit options? The two most common death benefit options are:
[ Top
]
How does the universal life account value grow? The account value accumulates interest daily at at least the guaranteed minimum interest rate. The per thousand expense charge, the monthly per policy expense charge, the current cost of insurance, and other policy and rider charges are deducted on each monthly anniversary day. Partial surrender amounts are deducted when withdrawn. [ Top
]
What are some of the tax advantages provided by universal life insurance? Life insurance products like universal life provide significant tax advantages over other wealth accumulation products. Withdrawals up to the amount of premiums paid are not subject to income taxation under income tax law. Secondly, unlike annuities, cash value withdrawn from life insurance (so long as it is not a MEC) is not subject to IRS pre-59 ˝ withdrawal penalties. Also, the death benefit from a life insurance policy passes income tax-free to the beneficiary. This is not only a great estate planning tool for the individual but also a great fit for the business market for purposes such as a buy-sell agreements or for key-person coverage. [ Top
]
Variable Universal Life Insurance FAQs What is variable universal life insurance? Variable universal life insurance offers the security and tax advantages of life insurance coupled with the growth potential of equity investing. These life insurance products offer a unique way to preserve your assets from current taxation, transfer them to your beneficiaries, and accumulate additional assets at the same time. With a variable universal life product, you may allocate your premium to an account with a fixed rate of interest (Fixed Account), or to one or more separate investment accounts (Sub-Accounts). You have the risk of loss, but you also have the opportunity for greater returns than those normally available in a life insurance product. [ Top
]
[ Top
]
How does my variable
universal life account value work?With a variable universal life product, the policy account value component is truly an investment component. Policy owners can determine the sub-accounts into which their net premiums will be invested. They will bear the risk of all losses in these sub-accounts and will also be rewarded with any gains.  [ Top
]
How can I determine
my account value?Our Columbus Life "In Touch" telephone line lets you access your variable universal life account information toll-free at your convenience - day or night, 24 hours a day. Call 1-800-677-9595 and listen to the menu prompts for policy information subaccount values and subaccount unit values, and for fixed account new money rate information. [ Top
]
Annuity FAQs What is an annuity and how does it work? Columbus Life annuities are a tax-deferred method of accumulating money for retirement or other long-term future needs. Typical annuity features:
How single premium deferred annuities work:
 This hypothetical chart is intended only to illustrate the advantage of compounded long term growth. The earnings do not reflect any applicable taxes or surrender charges. Important features:
[ Top
]
If I place my money into an annuity, will I be able to easily access it like I can with my checking account? If you are a person who enjoys "playing" with your money and may have the desire to withdraw the money very quickly, a single premium fixed annuity is not the correct product for you. It is important to keep in mind, though, that the interest you earn on money in a checking account is taxable, whereas the interest you earn on an annuity is not taxed until withdrawn. You can also choose to diversify your money by keeping a certain amount in your checking account, available for immediate withdrawal, and placing the rest in an annuity as a conservative cash accumulation vehicle. A single premium immediate annuity may also be an option. [ Top
]
What is the difference between an annuity and a Certificate of Deposit (CD)? A Certificate of Deposit (CD) is an interest-bearing account with rates that you can lock in for a given period of time. An annuity is very similar in that you can guarantee a particular rate for a given period of time, but there are some primary differences. The primary difference is that interest earned on your money with an annuity is tax-deferred, whereas interest earned with a CD is taxable each year. A CD is issued by a bank or financial institution and is guaranteed by the FDIC. An annuity is guaranteed by the issuing insurance company. [ Top
]
How do I know which annuity is right for me and what the different characteristics are for each product? Your Columbus Life representative can help you choose the right annuity to help you meet your individual needs and goals. [ Top
]
Service FAQs** My Account FAQs** What policy changes, claims, and requests can I make through WesternSouthernLife.com? You can make any of the following policy changes, claims, and requests directly on WesternSouthernLife.com:
You may also call the Claims Department toll-free at 1.800.926.1315 or send us an e-mail. Our hours of operation are 8:00 a.m. - 4:45 p.m. EST, Monday through Friday. **** You do not have to be a registered WesternSouthernLife.com user or current policyholder in order to file a death claim. [ top
]
How can I view my latest bill? To view a billing statement for a specific policy, please follow these steps:
[ top
]
Where can I send a payment? Life Insurance Policies If you need to send a life insurance premium payment, please mail your most current billing statement stub along with your check or money order (made payable to Western-Southern Life) to:
PLEASE NOTE: Be sure to list your policy number or client account number on your check or money order. Annuities No payment is required for annuities. However, if you want to contribute more to your annuity contract, you may mail your check or money order (made payable to Western-Southern Life) to the following address:
PLEASE NOTE: Be sure to list your annuity contract number on your check or money order. [ top
]
To whom can I talk about my life insurance policy or annuity? Life Insurance Policies If you have a question about a life insurance policy, please contact your local Sales Representative or the Client Relationship Center at 1.866.832.7719 between 7:30 a.m. and 6:00 p.m. EST, Monday through Friday. You can also send us an e-mail. Annuities If you you have a question about an annuity contract, please contact your local Sales Representative or the Annuity Operations Department at 1.800.387.9830 between 8:00 a.m. and 5:00 p.m. EST, Monday through Friday. [ top
]
How can I repay my loan? Loan payments can be made at any time for an amount of $10.00 or more. Please mark your policy number and the loan payment amount to be applied to the loan on your check or money order. Please make your check or money order payable to Western-Southern Life and mail it to the following address:
You may also request to be billed for loan repayments of $10.00 or more. For more information about loan repayment billing, please contact your local Sales Representative or the Client Relationship Center at 1.800.926.1993 between 7:30 a.m. and 6:00 p.m. EST, Monday through Friday. [ top
]
How can I reinstate a lapsed policy? For additional information about reinstating a lapsed policy, please contact your local Sales Representative or the Client Relationship Center at 1.800.926.1993 between 7:30 a.m. and 6:00 p.m. EST, Monday through Friday. You can also send us an e-mail. [ top
]
Where can I view my annual statement? To view an annual statement for a specific policy, please follow these steps:
[ top
]
How can I change my beneficiary/ies? To change one or more beneficiaries for a life insurance policy or annuity, please follow these steps:
[ top
]
How can I request a duplicate policy/contract? To request a duplicate life insurance policy or annuity contract, please follow these steps:
[ top
]
How can I make personal information changes (e.g., name, address, phone, and Social Security number) to my policy? To make personal information changes (e.g., name, address, phone, and Social Security number) for a life insurance policy or annuity, please follow these steps:
[ top
]
How can I file a death claim? To file a death claim for a life insurance policy or annuity, click on the Submit a Death Claim link in the second box on the left side of this page and follow the instructions that appear. If you have questions regarding a death claim, please call us at 1.800.926.1315 between 8:00 a.m. and 4:45 p.m. EST, Monday through Friday. You can also send us an e-mail. [ top
]
How can I file a disability claim? To be eligible to file a disability claim, you must first have a disability benefit on your policy. If you qualify, please follow these steps to submit a disability claim:
[ top
]
What is the difference between a 1099 and a 5498 tax statement? There are two different kinds of tax statements that a WesternSouthernLife.com policyholder can view on WesternSouthernLife.com: Form 1099 and Form 5498. A Form 1099 is sent when there is a taxable event that is reported to the Internal Revenue Service. The Form 1099 is mailed by January 31 of the following year to the policyowner. The Form 5498 is a form required by the Internal Revenue Service to notify a client and the Internal Revenue Service of the Fair Market Value of the client's annuity contract. [ top
]
What does the term "annuitize" mean? To "annuitize" means to set up systematic withdrawal for an annuity to withdraw the interest earned on the annuity on a periodic basis. [ top
]
If systematic withdrawal for my annuity is currently inactive, what do I need to do to activate systematic withdrawal? Systematic withdrawal allows you to withdraw the interest earned on your annuity and deposit it into a savings or checking account. To activate systematic withdrawal, you will need to contact either your local Sales Representative at a district office or the Annuity Operations Department at 1.800.387.9830 between 8:00 a.m. and 5:00 p.m. EST, Monday through Friday, to initiate and complete the necessary paperwork. If you want to deposit the interest into a savings account, you will need to send us a blank deposit slip for that account. If you want to deposit the interest into a checking account, you will need to send us a voided check from that account. [ top
]
Why can't I see the PDF forms that launch when I process certain requests/claims (Change Beneficiary, Request a Duplicate Policy/Contract, and Submit a Disability Claim)? You will need Adobe 
Acrobat
Reader 5
– free software that enables you to view and print Adobe Portable Document
Format (PDF) files – in order to change beneficiary designations within
your account, to submit a disability claim, and to request a duplicate policy/contract.
If you do not already have this software on your computer, please go
to Adobe's Web site and follow the instructions on how to download
Adobe Acrobat Reader 5 and install it on your computer. If you have a lower
version of Adobe Acrobat Reader, you will not be able to see the necessary
PDF forms to fill out for these types of requests/claims. If you continue
to have problems, please contact Technical
Support for assistance. [ top
]
What is Pre-Authorized Checking (PAC)? Pre-Authorized Checking (PAC) is a secure, electronic payment service that automatically withdraws your insurance policy premium, loan, and/or annuity side fund payment(s) directly from your checking or savings account on the date you select. Pre-Authorized Checking can be set up for monthly, quarterly, semiannual, or annual withdrawals. PAC customers may save as much as 10 percent on their current monthly premium rate. To set up PAC, please login to My Account and click Pre-Authorized Checking located in the Online Payment Services box on the My Account Services page. If you have any questions, you may contact your local office or call our Client Relationship Center toll-free at 1.866.225.4063. [ top
]
Do I have to pay a fee to set up Pre-Authorized Checking (PAC)? No. There is no charge for setting up PAC. [ top
]
Can I use a credit card to make a policy premium payment? Yes. If you would like to pay your policy premium with a credit card, please call our Client Relationship Center toll-free at 1.866.267.3293. We accept Visa, MasterCard, Discover, and American Express. [ top
]
Tax FAQs Why did I receive a 1099 on my life insurance policy? A taxable distribution will occur when the value being used or withdrawn is greater than the remaining investment basis in your policy, as in each of the following:
[ top
]
When are 1099s mailed? All 1099s must be mailed by January 31 of the year following the tax year. [ top
]
How do I obtain a duplicate 1099? If you become a registered member of WesternSouthernLife.com under My Accounts, you would be able to print a copy of your 1099 from the Tax Statements page. You may also get a duplicate 1099 by calling our toll-free number: 1.800.272.1099. [ top
]
What is tax form 5498 and when is it mailed? Form 5498 informs you and the IRS of the fair market value and any contributions to your IRA annuity contract during the tax year. If no contributions were made during the tax year, the annual statement you receive in January of the following year is considered a substitute form 5498, and no form will be sent. All form 5498s with contributions will be mailed by May 31 after the tax year because contributions to IRAs can be made up to the tax return filing due date of April 15. You may obtain a copy of your annual statement or form 5498 by becoming a registered member of WesternSouthernLife.com and accessing your annual statement from the Annual Statements page of My Accounts or your form 5498 from the Tax Statements page of My Accounts. [ top
]
I normally receive a 1099-INT, but I did not receive one this year. Why? You normally receive a 1099-INT when interest earned on dividend accumulation is more than $10. If you changed the dividend option to other than left to accumulate, and/or you withdrew your dividend accumulation within the last two years, you probably will not receive a form 1099-INT. If you have additional questions, please contact us at 1.800.272.1099. [ top
]
*Basic Life Insurance FAQs contain information that is general in nature and that should not be considered tax or legal advice. You should consult your own tax advisor or legal professional for more complete information. **Whole life and accident insurance policies are issued by The Western and Southern Life Insurance Company, Cincinnati, Ohio. Annuities and term life insurance policies are issued by Western-Southern Life Assurance Company, Cincinnati, Ohio. |
|
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
Home | Privacy Statement | Sitemap | Claims | Financial Professionals | Copyright | Glossary |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Updated 4/30/2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
symbol to the left of the BENEFICIARIES heading in the table that summarizes
your Policy Detail information.