Forms for individuals

Find the principal ® form you need.

While many of your Principal account to-dos, such as updating your address or increasing your deferral rate, can be done online, some changes may need you to fill out a form and mail, email, or fax information to us. Use the list below for next steps and to find the form you need.

What do you need to do?

Do you have a Principal log in? Great: Enter your username and password on the login page and view your dashboard.

Don’t have a Principal log in set up? It takes just a few steps.

  • Go to Principal.com . Click “Log in” in the upper right corner.
  • Click “New user? Register here,” then “Individuals.”
  • Enter your first name, last name, date of birth, phone number, and your ID number (either your Social Security Number or a number provided by your employer) or zip code. (We will use the phone number to text or call you to verify your identity; see Step 5.)
  • Click the box “I consent to doing business electronically.”
  • If your phone number matches our records, you’ll receive a one-time code via text. If not, you’ll be asked to verify your identity by answering a few questions from a trusted third party.
  • Create a username and password, and provide an email address. (We recommend using an email you’ll keep even if you change jobs.)
  • Select and answer three security questions, which we’ll use if we ever need to verify your identity.
  • You’ll receive a confirmation email, but can log in and begin viewing your account information.

Need help creating or managing your online account?  Download printable instructions (PDF).

Log in to your account. On your dashboard, look for the “defined contribution” box on the left. Click the button “I want to …” and scroll to “View the full account.” Click on “Contributions,” then “Manage contributions.” You can adjust the dollar contribution and frequency, too.

Do you have a Principal.com account? Great, you can log in and it takes just a couple of steps. First, click on “My profile” on the top right. Select “Manage delivery preferences,” and check the box for “Tax documents.” Click the “View terms (PDF)” button, select email notification, and select the email to send notifications. Your e-documents should be available the next day.

Are you a Principal Funds account holder? Log in to Principal.com and select your Principal Funds account. Under "Statements & History," select "Statements & Tax Forms." Click the "Tax Forms" tab.

Don’t have a Principal.com account yet? No problem. To get started, view principal.com/login .

As you set up or update your account, we recommend using an email that you’ll have forever—not one associated with a work account.

Log in to your account . On your dashboard, click on the box on the left for your account, such as “defined contribution.” Click the button “I want to …” and scroll to “View the full account.” Click on “Overview,” then “Beneficiaries.” You can add or change primary and contingent beneficiaries on this screen.

If you prefer to change beneficiaries by form, use one of these beneficiary forms:

  • Group life insurance through your employer/former employer
  • Individual life insurance purchased through a financial professional (including ported coverage) (PDF)
  • Annuity contracts (PDF)
  • Mutual funds (PDF)

For dental claims : Log in to view information on your dashboard.

For vision claims : Visit vsp.com . You’ll need to create an account using your member ID found on your ID card (don't use your Social Security number).

Log in to your Principal account to view your dashboard. Click on “Personal summary,” then the product box “Annuity.”

Where your coverage comes from makes a difference when it comes to the forms you fill out. Choose the option below that best describes your situation.

Option 1: You have group life insurance through work.

For group life insurance policies, claims can be submitted via  online beneficiary group life insurance claim form.

Additional forms:

  • Group life claim form
  • Accelerated benefit claim information 
  • Accidental dismemberment/personal loss claim 

If you wish to file a paper claim, after you click the link to open the form, click options and Download PDF to print a blank claim form and submit via:

Option 2: The individual life insurance policy was purchased through a financial professional.

To get started with your claim, access the documents you’ll need using our  claims requirement tool  or by downloading this  Individual life insurance claim form .

If you wish to file a paper claim, after you click the link to open the form, click options and Download PDF to print a blank claim form. Then submit to us via:

Standard processing time once all claim requirements are received is 7-10 business days. If you have any questions, please call us at 800-331-2213 .

Option 1: You have short-term or long-term disability coverage through work.

For group disability insurance claims for sickness, injury, pregnancy, or mental health conditions, first sign in to your principal.com account, then complete and submit your online disability claim form .

If you wish to file a paper claim, click the link below to open the form, click options and Download PDF to print a blank claim form.

  • Disability claim form
  • Pregnancy disability claim form

The doctor can also complete their section of the online disability claim form or you can provide them the Attending Physician's Statement .

Submit printed forms via:

Option 2: You purchased your own individual disability coverage.

Simply download and complete the form(s) you need:

  • Disability claim form (PDF)
  • Attending physician's statement (PDF)
  • Psychiatric questionnaire (PDF)
  • Mail : Principal Life Insurance Company Attn: Individual Disability Claims Department 711 High St. Des Moines, IA 50392
  • Email :  [email protected]
  • Fax : 866-317-4526
  • Phone : 800-422-3788

You and your employer can each click this link to complete, electronically sign and submit the critical illness claim form .

New York customers: Complete and submit the specified disease claim form .

You'll need to provide the form to your doctor to complete and submit the Attending Physician's Statement.

If you wish to file a paper claim, after you click the link above to open the form, click options and Download PDF to print a blank claim form. Submit printed forms via:

You and the employer can each click this link to complete, electronically sign and submit the accident claim form . You'll need to provide the form to your doctor to complete and submit the Attending Physician's Statement.

To file a hospital indemnity claim, first sign in to your principal.com account, then complete and submit the online claim form .

If you wish to file a paper claim, click this link to open the Hospital Indemnity claim form , then click options and Download PDF to print a blank claim form.

To start a PFML claim, complete and  submit the claim online .

Or, complete and submit the appropriate PFML claim form:

  • Bond with a child (PDF)
  • Serious health condition (PDF)
  • Care for covered service member or qualifying exigency - Colorado, Connecticut, and Massachusetts (PDF)
  • Personal/family violence - Colorado, Connecticut, and Oregon  (PDF)

To file a wellness/health screening claim under your critical illness, accident or hospital indemnity policy, first sign in to your principal.com account, then complete and submit the online claim form .

If you wish to file a paper claim, click this link to open the Wellness/Health Screening Claim form , then click options and Download PDF to print a blank claim form.

For individual coverage purchased through a financial professional, download:

  • Life Insurance Customer Service Request Form  (PDF) for name changes, premium or frequency changes, and changes of address
  • Life Insurance Ownership Change Form (PDF)
  • Life Insurance Pre-Authorized Monthly Premium Withdrawal (PDF)
  • Beneficiary Change (PDF); Online beneficiary changes are available on some life insurance policies—just  log in  to your account.
  • Authorization for Release of Information (PDF)
  • Assignment of Life Insurance Policy as Collateral on a Loan (PDF)
  • Release of an Assignment (PDF)
  • Add a Secondary Addressee (PDF)
  • Add a Secondary Addressee for New Jersey  (PDF)

For a disability policy purchased through a financial advisor, download:

  • Customer Service Request Form (PDF) for name changes, frequency changes, or an address change.
  • Payment Authorization for Electronic Fund Transfers (PDF)
  • Ownership Change Form (PDF)
  • Assignment of a Policy as Collateral on a Loan (PDF)

For an annuity contract purchased through a financial professional, download:

  • Annuity Service Request Form  (PDF) for name changes, address change or lost contract
  • Change of Ownership - Annuity  (PDF) available on nonqualified contracts only
  • Authorization Agreement for Direct Deposit (PDF) voided check attached to form required
  • Request Wire Transfers (PDF)
  • Request a Brokerage IRA Distribution (PDF) for Brokerage IRA only (if you have a Principal Bank IRA, please call  800-672-3343  for appropriate form)
  • Non-retirement authorization (PDF)
  • Retirement authorization (PDF)

To view or download a prospectus, visit principalam.com/us , click on "Investment products," then the type of product, then the "Prospectus" button.

  • Your rollover options (PDF, 402f): Have questions about Rollover IRA rules? Get the basics about how to rollover, how much you can rollover, how rollovers can affect your taxes, and more.
  • Know your options (PDF): Typically there are four options when you are eligible to take money out of a former employer’s retirement plan, find out what the advantages and drawbacks are for each option.
  • Washington Non-Disclosure Directive Form  (PDF) for individuals in the state of Washington only.
  • Rhode Island Confidential Communications Request (PDF) for individuals in the state of Rhode Island only.
  • Confidential Communications Form (PDF) for individuals in all states other than Rhode Island and Washington.

Submit completed forms to your financial professional or directly to Principal Funds. 

Mail completed forms to: Principal Funds, P.O. Box 219971, Kansas City, MO 64121-9971 For overnight delivery: Principal Funds, 430 W 7th St., Ste 219971, Kansas City, MO 64105-1407

Choose from the list of forms below.

403(b)(7) Custodial Agreement For use with your existing Principal Funds 403(b)(7) account.

403(b)(7) Distribution Request Request a distribution from a 403(b)(7) account.

Account Application Establish a non-retirement account (Individual, Transfer on Death, Joint, UTMA, or Trust/Corporation/Partnership/Other Entity).

Automatic Exchange Election Establish an automatic exchange of shares between funds in your account.

Automatic Investment Plan Establish automatic investments into your Principal Funds account from your checking or savings account.

Beneficiary Designation Add or change beneficiaries on your retirement account.

Beneficial Owner Certification Form Designate the Beneficial Owners and the Control Person on a legal entity account.

Change of Dealer or Investment Representative Update your broker/dealer and/or financial professional information on your account.

Check Writing Privileges for Money Market Fund Establish check-writing privileges on a new or existing money market fund in your non-retirement account.

Cost Basis Election Form Change the cost basis election on your existing non-qualified account.

Direct Deposit Authorization Form Establish a Direct Deposit plan to automatically deposit all or part of your paycheck, Social Security, or government agency payments, directly to your Principal Funds account.

Education Savings Account (ESA) Application Establish a Coverdell Education Savings Account.

ESA Custodial Agreement (IRS Form 5305-EA) Review this document before establishing a Coverdell Education Savings Account, and keep a copy for your records.

Education Savings Account (ESA) Distribution Request a distribution from a Coverdell Education Savings Account.

Education Savings Account (ESA) Transfer Request Transfer a Coverdell Education Savings Account (ESA) from another institution to Principal Funds.

Electronic Funds Transfer Add banking information to your account to facilitate electronic purchases and redemptions.

IRA 72(t) Distribution Establish 72(t) distributions from your Traditional IRA, Roth IRA, SIMPLE IRA, or SEP IRA.

IRA Application Establish a Traditional or Roth IRA account.

IRA Distribution Request a distribution, including Required Minimum Distributions, from your Traditional IRA, Roth IRA, SIMPLE IRA, or SEP IRA account.

IRA Plan Document, Custody Agreement, & Account Disclosure Statement Review this document before establishing a Traditional IRA, Roth IRA, or SEP IRA, and keep it for your records.

IRA Rollover Statement If you would like to roll over funds from a qualified plan or IRA (including those made payable to you) into a Principal Funds IRA, use this form.

IRA Transfer/Direct Rollover Request For a Trustee-to-Trustee Transfer/Rollover of a Traditional IRA, Roth IRA, or Rollover IRA from another institution to Principal Funds.

Legal Name Change Request a legal name change for your account.

Non-IRA Transfer Transfer a non-retirement Certificate of Deposit (CD), mutual fund, or other investment to Principal Funds.

Non-Qualified Redemption Request Request a one-time distribution from your non-retirement account.

Power Of Attorney Affidavit Establish a POA (Power of Attorney) or recertify an existing POA annually.

Principal Diversified Select Real Asset Fund Account Application Establish a non-retirement account (Individual, Transfer on Death, Joint, UTMA or Trust/Corporation/Partnership/Other Entity) in the Principal Diversified Select Real Asset Fund.

Principal Funds Employer Plan - Primary and Secondary Administrator Assignment Add or update the Primary/Secondary Administrators on your Sponsor Service Center plan.

Qualified Plan Application Establish an investment-only employer-sponsored retirement plan, such as a 401(k), Profit-Sharing, or Money Purchase Pension plan (for use by plan trustees).

Qualified Plan Enrollment Enroll in your employer's investment-only, such as a 401(k), Profit-Sharing, or Money Purchase Pension plan (for use by plan participants).

Registration Change Change the registration of your non-retirement account or transfer shares from your account to another non-retirement account with a different registration.

Required Minimum Distribution (RMD) Request Request a Required Minimum Distribution from your Traditional IRA, SIMPLE IRA, SEP IRA, or 403(b)(7) account.

Retirement Plan Beneficiary Open a Beneficiary IRA or take distributions from an existing Beneficiary IRA.

Rights of Accumulation (ROA)/Statement of Intent (SOI) Notify us of accounts eligible for linking under Rights of Accumulation (ROA), or establish a Statement of Intent (SOI).

Roth IRA Conversion Application Convert your Traditional IRA into a Roth IRA.

SEP IRA Adoption Agreement Establish a SEP IRA plan (for use by employers).

SEP IRA Application Establish a SEP IRA account (for use by plan participants).

SEP IRA Employer Contribution Submit initial employer contributions for participants in a SEP IRA (for use by employers).

SEP IRA Transfer/Direct Rollover Request Transfer a SEP IRA (or roll over a qualified plan) from another institution to a SEP IRA with Principal Funds.

SIMPLE IRA Adoption Agreement (IRS Form 5304-SIMPLE) Establish a SIMPLE IRA plan (for use by employers).

SIMPLE IRA Application Establish a SIMPLE IRA account (for use by plan participants).

SIMPLE IRA Custodial Agreement (IRS Form 5305-SA) Establish a SIMPLE IRA Plan agreement between employer and employee.

SIMPLE IRA Salary Deferral Agreement Establish or amend salary deferral contributions to your SIMPLE IRA account.

SIMPLE IRA Salary Deferral Contribution Submit initial employer contributions for participants in a SIMPLE IRA plan (for use by employers).

SIMPLE IRA Transfer Request Transfer a SIMPLE IRA from another institution to Principal Funds.

Systematic Withdrawal Plan (SWP) Request Establish systematic withdrawals from your Principal Funds non-retirement account to your checking or savings account.

Third Party Authorization Form (Authorization for release of records or information) Form to authorize an individual to be listed as an Authorized Caller on a Principal Funds, Inc. account.

Transfer On Death Affidavit Use this form to transfer ownership of an existing account registered as a Transfer upon a Death.

Transfer On Death Registration Form Establish a Transfer On Death (TOD) registration on a new or existing account.

Trust or Business Authorized Trader Form Grant online account authorization on a trust or corporate account.

Trustee Certification and Indemnification Use this form to certify trustees on a trust account.

We can help.

Retirement plan participants: +1-800-547-7754 Life and disability insurance customers:  +1-800-247-9988 Mutual fund clients:  +1-800-222-5852

Annuity clients: Deferred annuities:  +1-800-852-4450 Income annuities:  +1-866-321-9648

Assistance in Spanish: +1-800-243-1404 Assistance in Spanish online

Everyone else:  +1-800-986-3343

Or send us an email .

Need help with insurance claims?

Find your most common questions answered online. Visit  help with insurance .

Insurance products issued by Principal National Life Insurance Co. (except in NY), Principal Life Insurance Company ® , and the companies available through the Preferred Product Network, Inc. Plan administrative services offered by Principal Life. Referenced companies are members of the Principal Financial Group ® , Des Moines, IA 50392. 

  • New Business
  • Submit Business
  • Life Business Case Submission

Loan Split Dollar Submission Guidelines

Take advantage of complimentary, administrative services from Principal ®  by making sure your business is submitted to our Business Market Administration (BMA) department. Guidelines

  • The client is typically the policyowner, and names their personal beneficiary. (Alternatively, the policyowner and beneficiary could be a trust established by the insured.)
  • Unisex rates should apply. (If not used, then complete Norris Letter of Understanding (BB4402)).
  • To obtain life insurance applications, visit the Create an App page on the advisor site, or Principal Advisor Network offices may use Life E-App (for Term and Universal Life products only).
  • Sample loan split dollar agreement  (BB12277)
  • Sample tax-exempt loan split dollar agreement  (BB12278)  
  • Assignment of Life Insurance Policy as Collateral (DD168) – Conveys various policy rights to the assignee (as described in its Part B), or
  • Restrictive Assignment of Life Insurance Policy as Collateral (DD9215) – Used for estate tax planning purposes where the policy is owned by a third party, such as an irrevocable life insurance trust. Use this form to convey only limited rights to the assignee (as described in its Part B) to avoid incidents of ownership in the policy by the assignee.  
  • If trust-owned, submit Trust Certification and Indemnification form RF 971.  
  • Complete Business Case Submission Checklist (DD849R). To identify the plan type, mark “Other” box and write: Loan Split Dollar. (Again, unisex pricing should apply.)  
  • For Guaranteed Issue or Simplified Issue Underwriting, include a copy of the Principal home office email or letter which granted approval for this underwriting program.  
  • Prepare a cover letter/memo if there are any special instructions or requests.  
  • Submit above items via fax or mail using the information in the Contact Us section below.

866-542-1359

  • Write policy number and clients name in upper right of both fax cover sheet and first page of application.
  • Fax all documents in proper page order. If you have a payment, make photocopy of check and fax with application. Mail original check immediately to home office at one of the addresses below.
  • Initial premium payments, if paid by check;
  • All 1035 exchange requirements, including Absolute Assignment ( DD747 ) and Lost Policy Statements.

[email protected]

Principal Financial Group P.O. Box 10431 Des Moines, IA 50306-0431

Overnight mail

Principal Financial Group ATTN: IPDC M-001-E10 711 High Street Des Moines, IA 50392

Call your BMA Administrator at 800-654-4278, options 4, 2, 3 with any questions.

Important Information

Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National  and Principal Life are members of the Principal Financial Group ® , Des Moines, IA 50392.

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  • Life Insurance
  • Definitions

What Is a Collateral Assignment of Life Insurance?

principal life insurance collateral assignment form

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

principal life insurance collateral assignment form

A collateral assignment of life insurance is a conditional assignment appointing a lender as an assignee of a policy. Essentially, the lender has a claim to some or all of the death benefit until the loan is repaid. The death benefit is used as collateral for a loan.

The advantage to using a collateral assignee over naming the lender as a beneficiary is that you can specify that the lender is only entitled to a certain amount, namely the amount of the outstanding loan. That would allow your beneficiaries still be entitled to any remaining death benefit.

Lenders commonly require that life insurance serve as collateral for a business loan to guarantee repayment if the borrower dies or defaults. They may even require you to get a life insurance policy to be approved for a business loan.

Key Takeaways

  • The borrower of a business loan using life insurance as collateral must be the policy owner, who may or may not be the insured.
  • The collateral assignment helps you avoid naming a lender as a beneficiary.
  • The collateral assignment may be against all or part of the policy's value.
  • If any amount of the death benefit remains after the lender is paid, it is distributed to beneficiaries.
  • Once the loan is fully repaid, the life insurance policy is no longer used as collateral.

How a Collateral Assignment of Life Insurance Works

Collateral assignments make sure the lender gets paid only what they are due. The borrower must be the owner of the policy, but they do not have to be the insured person. And the policy must remain current for the life of the loan, with the policy owner continuing to pay all premiums . You can use either term or whole life insurance policy as collateral, but the death benefit must meet the lender's terms.

A permanent life insurance policy with a cash value allows the lender access to the cash value to use as loan payment if the borrower defaults. Many lenders don't accept term life insurance policies as collateral because they do not accumulate cash value.

Alternately, the policy owner's access to the cash value is restricted to protect the collateral. If the loan is repaid before the borrower's death, the assignment is removed, and the lender is no longer the beneficiary of the death benefit.

Insurance companies must be notified of the collateral assignment of a policy. However, other than their obligation to meet the terms of the contract, they are not involved in the agreement.

Example of Collateral Assignment of Life Insurance

For example, say you have a business plan for a floral shop and need a $50,000 loan to get started. When you apply for the loan, the bank says you must have collateral in the form of a life insurance policy to back it up. You have a whole life insurance policy with a cash value of $65,000 and a death benefit of $300,000, which the bank accepts as collateral.

So, you then designate the bank as the policy's assignee until you repay the $50,000 loan. That way, the bank can ensure it will be repaid the funds it lent you, even if you died. In this case, because the cash value and death benefit is more than what you owe the lender, your beneficiaries would still inherit money.

Alternatives to Collateral Assignment of Life Insurance

Using a collateral assignment to secure a business loan can help you access the funds you need to start or grow your business. However, you would be at risk of losing your life insurance policy if you defaulted on the loan, meaning your beneficiaries may not receive the money you'd planned for them to inherit.

Consult with a financial advisor to discuss whether a collateral assignment or one of these alternatives may be most appropriate for your financial situation.

Life insurance loan (policy loan) : If you already have a life insurance policy with a cash value, you can likely borrow against it. Policy loans are not taxed and have less stringent requirements such as no credit or income checks. However, this option would not work if you do not already have a permanent life insurance policy because the cash value component takes time to build.

Surrendering your policy : You can also surrender your policy to access any cash value you've built up. However, your beneficiaries would no longer receive a death benefit.

Other loan types : Finally, you can apply for other loans, such as a personal loan, that do not require life insurance as collateral. You could use loans that rely on other types of collateral, such as a home equity loan that uses your home equity.

What Are the Benefits of Collateral Assignment of Life Insurance?

A collateral assignment of a life insurance policy may be required if you need a business loan. Lenders typically require life insurance as collateral for business loans because they guarantee repayment if the borrower dies. A policy with cash value can guarantee repayment if the borrower defaults.

What Kind of Life Insurance Can Be Used for Collateral?

You can typically use any type of life insurance policy as collateral for a business loan, depending on the lender's requirements. A permanent life insurance policy with a cash value allows the lender a source of funds to use if the borrower defaults. Some lenders may not accept term life insurance policies, which have no cash value. The lender will typically require the death benefit be a certain amount, depending on your loan size.

Is Collateral Assignment of Life Insurance Irrevocable?

A collateral assignment of life insurance is irrevocable. So, the policyholder may not use the cash value of a life insurance policy dedicated toward collateral for a loan until that loan has been repaid.

What is the Difference Between an Assignment and a Collateral Assignment?

With an absolute assignment , the entire ownership of the policy would be transferred to the assignee, or the lender. Then, the lender would be entitled to the full death benefit. With a collateral assignment, the lender is only entitled to the balance of the outstanding loan.

The Bottom Line

If you are applying for life insurance to secure your own business loan, remember you do not need to make the lender the beneficiary. Instead you can use a collateral assignment. Consult a financial advisor or insurance broker who can walk you through the process and explain its pros and cons as they apply to your situation.

Progressive. " Collateral Assignment of Life Insurance ."

Fidelity Life. " What Is a Collateral Assignment of a Life Insurance Policy? "

Kansas Legislative Research Department. " Collateral Assignment of Life Insurance Proceeds ."

principal life insurance collateral assignment form

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Collateral Assignment for Life Insurance: A Comprehensive Guide

principal life insurance collateral assignment form

When you apply for a loan, the lender wants to make sure you have the financial resources to repay your debt. In some cases, the underwriter may ask you to provide a form of collateral. This is typically something of value that you pledge to forfeit to the lender if you default on the loan.

Depending on your circumstances, you may be able to use your life insurance policy as a form of collateral. This could help improve your approval chances for a loan or a mortgage, but there are some important things to understand before utilizing it. Learn how collateral assignment in life insurance works, explore the upsides and downsides of choosing this option, and some alternatives you may want to consider.

Table of Contents

What does it mean to have collateral assignment of life insurance.

Collateral assignment of life insurance allows the lender to be the primary recipient of your life insurance policy’s death benefit if you have an outstanding loan balance when you die. Some assignments also allow the lender to tap into the policy’s cash value if you default on your loan. While using life insurance as collateral does not prevent you from naming your own primary and contingent beneficiaries , it does mean that the lender is paid in full before anyone else. Once the loan balance is covered, your named beneficiaries receive whatever is left.

In some cases, collateral assignment allows the lender to take over your entire policy if you stop making payments on your loan. If you stop paying your policy premiums, the lender may also take over premium payments and add the cost to your principal balance. Collateral assignment can vary depending on the lender and the insurance carrier , so it’s important to carefully read all documents before signing any agreements.

When Is Collateral Assignment Used?

Although life insurance collateral can be used for many types of lending agreements, collateral assignments are commonly used for mortgages and business loans rather than for student loans or credit card debt. They are also not used for unsecured loans, as these types of loans do not require collateral. 

It’s fairly common for a lender to request collateral assignment of whole life insurance and other types of permanent life insurance policies since they have a cash value that’s accessible at any time. This may allow the lender to access the cash value upon your default instead of only having protection when you die.

How Life Insurance Collateral Works

When you take out a loan with an assignment of life insurance, the application process is similar to the process for other types of loans. The main difference lies in the assignment of the insurance policy, which you can do by contacting the insurance carrier and requesting the required paperwork. 

If you and your spouse co-own a life insurance policy, you must both agree to the assignment and be listed as co-assignors. If your spouse does not agree, you cannot use that policy as collateral. It’s also important to note that lenders generally limit the amount of your policy value that you can use for collateral. For example, you may only be able to use 50% to 90% of the policy’s cash value when you collateralize your loan. Each lender and insurance carrier may have different rules, so it’s important to confirm this before completing your application.  

In some cases, you may also need to get permission from the life insurance company to use the policy as collateral. Once the request is approved and the paperwork completed, the lender can move forward with the underwriting process and either approve or deny your loan request.

When you’ve paid off your debt, you can contact your insurance carrier and let them know you need to release the collateral assignee for your life insurance. As long as your loan has been paid, the lender cannot make a claim against your policy, even if you forget to take this step. However, collateral assignments must be settled before funds are distributed to your beneficiaries, so completing this process can help your beneficiaries avoid unnecessary delays.

Term vs. Permanent Life Policies

Lenders generally prefer permanent policies for collateral assignment, but some may accept a term life policy as long as the insurance coverage term lasts at least as long as your loan term. Each lender is different, so you need to confirm the requirements when applying for your loan.

The lender may also prefer a permanent policy because it can provide access to its cash value. Since term policies have no cash value, there’s no recourse for the lender until you die and they’re able to access the policy’s death benefit.

Current vs. New Policies

Some lenders allow you to collaterally assign a life insurance policy you already have in place, while others may require you to take out a new policy. Your ability to use an existing policy also depends on whether the insurance company allows collateral assignment. 

Some insurance companies also do not allow you to complete a collateral assignment during the application process. In this case, you need to finish the process of setting up your policy, then file paperwork to complete the life insurance assignment. Keep this in mind when determining your timeline to complete the required steps. 

Assignees vs. Beneficiaries

When assigning a lender to our policy, you do not name the lender as your beneficiary . Instead, you name the lender as an assignee and designate your beneficiaries in the same way you would with a non-assigned life insurance policy.

If you die before you finish repaying your loan, the lender receives the outstanding loan balance. Your beneficiaries then receive the remainder of the death benefit. If you’ve named multiple beneficiaries, they each receive their designated percentage of the remaining balance.

Should You Consider Using Your Life Insurance as Collateral?

While using your life insurance as collateral may be an option for you, it’s important to carefully consider the pros and cons of doing so. This can help you determine whether it’s a good option for you or if you may want to consider an alternative.

Pros  

If your bank requests a life insurance collateral assignment, you may consider agreeing based on the following advantages: 

  • Improved loan approval odds:  Assigning your life insurance policy as collateral may help you get approved for a loan so you can reach your financial goals, such as starting a business or buying a home.
  • Asset protection:  When you use a life insurance policy as collateral, you’re not risking other assets, such as your home or retirement account.
  • Affordable rates:  Due to the certainty collateral assignment adds to a loan application, lenders may be willing to offer lower interest rates on collateralized loans.
  • Tax benefits:  When you use a life insurance policy as collateral, there are no tax implications. This may not be the case if you take out a policy loan or a withdrawal. 

Cons  

While collateral assignment may initially seem like a great idea, there are some potential drawbacks to consider before making your decision:

  • Estate planning issues:  If you die before your loan is paid off, the collection of collateral could throw off your estate plan and leave your beneficiaries without the financial security you originally planned to provide.
  • Loss of control:  When you use an insurance policy as collateral, you’re required to keep it in place until the loan is paid off. Otherwise, the lender could take out another policy on your behalf and add the premiums to the principal of your loan. 
  • Limited access to cash value:  Some forms of collateral assignment may limit your ability to access your policy’s cash value, which reduces your financial flexibility.
  • May require a new policy:  Some lenders do not allow borrowers to use existing policies as collateral, and taking out a new policy requires time, effort, and additional expense. 

Alternatives to Collateral Assignment

If you’re not sure that collateral assignment is the right option for you, then you might consider exploring some alternatives. Here are a few options that may help you get the cash you need. 

Utilize a Life Insurance Cash Value Loan  

Rather than assigning your policy to the lender, you could directly tap into your cash value by taking out a life insurance loan. However, to take advantage of this option, you need to have your policy in place long enough to build up sufficient cash value, which can take several years. When you die, your unpaid loan balance and interest charges are also deducted from the death benefit.

Cash Surrender

You may consider giving up your permanent life insurance policy and taking the cash surrender value . Before choosing this option, keep in mind that it requires canceling your policy, potentially leaving you without coverage or in need of a replacement policy. You may also be subject to penalties if your policy is still in the surrender period when you initiate the cancelation.

Take Out a Home Equity Loan

If you’re not comfortable using your life insurance policy as collateral, you may consider taking out a home equity loan instead. This type of loan uses your home as collateral rather than your life insurance policy. This may also be an option if you do not already have a life insurance policy in place or your lender requires you to take out a new policy and you have health issues that prevent you from being approved for life insurance coverage.

Take Out an Unsecured Loan

Unsecured loans are not backed by collateral. This could be an option if you do not want to take the chance of losing your current assets. However, keep in mind that unsecured loans may be harder to get and typically have higher interest rates than collateralized loans.

Take Out a Term Life Insurance Policy  

In some cases, the lender may not require collateral assignment, but borrowers want to ensure their debts are paid upon their death. You can accomplish this by purchasing a term life insurance policy with a term that is equal to your loan term. This allows you to sidestep the collateral assignment process while still providing your heirs with the funds needed to pay off your remaining debt. The beneficiaries can also use any remaining death benefit as they see fit.

As you weigh your options, consider how each alternative fits with your current needs, risk tolerance, and comfort level.

Plan for your family’s future. Get a life insurance quote today.

Collateral assignment of life insurance

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Using your life insurance policy as collateral is one way of securing a loan without the risk of using your home or car. Most loans are either secured or unsecured, and while an unsecured loan does not require collateral, they are not always the most affordable or available option to many loan seekers. Bankrate breaks down the collateral assignment of life insurance process along with alternative options to help you decide what type of loan may be best for you.

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Whole life insurance combines life insurance with an investment component.

  • Coverage for life
  • Tax-deferred savings benefit if premiums are paid
  • 3 variations of permanent insurance: whole life, universal life and variable life include investment component

Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.

  • Fixed premium over term
  • No savings benefits
  • Outliving policy or policy cancellation results in no money back

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What is collateral assignment of life insurance?

A collateral assignment of life insurance is a method of securing a loan by using a life insurance policy as collateral . If you pass away before the loan is repaid, the lender can collect the outstanding loan balance from the death benefit of your life insurance policy. Any remaining funds from the death benefit would then be disbursed to the policy’s designated beneficiary(ies).

Why use life insurance as collateral?

There are several reasons why you might want to use life insurance as collateral for a loan. Among them:

  • It can be affordable. Depending on your age, health, the type and value of policy, life insurance costs vary. However, life insurance premiums may be less than what you would pay for an unsecured loan with higher interest rates.
  • You are not jeopardizing your personal property. By using life insurance as collateral, you might be able to take out a secured loan without putting your home or vehicle at risk. If you pass away before the loan is repaid, the lender will use funds available from your life insurance policy’s death benefit to pay off the loan.
  • It may be attractive to lenders. Many financial institutions view life insurance as a good option for collateral, knowing that they will very likely have the money to pay off your loan in the event of your death.

Of course, there are also some situations in which a collateral assignment of life insurance is not the best option. Some people are unable to obtain affordable life insurance due to their age or health complications. It can also be difficult to use an existing life insurance policy as collateral for a loan; a lender may require you to take out a new policy, specifically for the purpose of the collateral assignment.

How do I take out a loan using a collateral assignment of life insurance?

If you would like to take out a loan using life insurance as collateral, your first step should be to find a lender willing to issue this type of loan. After you confirm the lender’s requirements, you may be able to use your existing life insurance policy (if the lender will allow it) or you might need to purchase a new policy for a collateral assignment.

If you take out a new policy, the application process is the same as applying for any other type of life insurance and may require extensive underwriting, including a medical exam. After you have purchased the new policy, you will need to ask the insurance company for a collateral assignment form that you will need to complete, noting your lender as an assignee. Generally, a lender will not be listed as a beneficiary. The beneficiary(ies)will be the person you would like to receive any leftover benefits not claimed by the lender.

What types of life insurance can I use as collateral for a loan?

Both main types of life insurance, term life insurance and permanent life insurance , can be used to secure a loan. If you have a policy that falls into a subcategory of permanent life insurance, such as whole life, universal life, variable life or variable-universal life, these too are eligible to be used as collateral. However, each financial institution will likely have different requirements. Make sure to discuss these requirements with your lender before purchasing life insurance with the specific intention to use it as collateral. If more than one option is available, you may want to compare the cost of premiums for each type of policy.

Alternatives to life insurance as collateral

If you are considering a collateral assignment of life insurance, there are a few alternative funding options that might be worth exploring. Since many factors determine each option, working with a financial advisor may be the best way to find the ideal solution for your situation.

Unsecured loan

Depending on your situation, an unsecured loan may be more affordable than a secured loan with life insurance as collateral. This is more likely to be the case if you have good enough credit to qualify for a low interest rate without having to offer any type of collateral. There are many different types of unsecured loans, including credit cards and personal loans.

Cash value life insurance

Some permanent life insurance policies accumulate cash value over time that you can use in different ways. If you have such a policy, you may be able to partially withdraw the cash value or take a loan against your cash value. However, there are implications to using the cash value in your life insurance policy, so be sure to discuss this solution with a life insurance agent or your financial advisor before making a decision.

Home equity line of credit (HELOC)

A home equity line of credit (HELOC), is a more flexible way to access funds than a standard secured loan. While HELOCs carry the downside of risking your home as collateral, you retain more control over the amount you borrow. Instead of receiving one lump sum, you will have access to a line of credit that you can withdraw from as needed. You will only have to pay interest on the actual amount borrowed.

Frequently asked questions

What is the best life insurance company, what type of loans are collateral assignments usually associated with, what are other common forms of collateral, related articles.

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What Is Collateral Assignment of Life Insurance?

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