Annuities

 

Contract details, values, statements, transaction history, and tax forms

Online

  1. Visit our website at http://www.sunlife.com/us.
  2. Find Access your account on the upper right-hand side of the page.
  3. Select Individuals from the drop down menu.
  4. Login to CustomerLink to view your contract details, including:
    • Summary information: product, contract type, living benefit, issue date, owner, annuitant, beneficiary, key dates for surrender or living benefits
    • Values: current values, free amount, surrender, death benefit, living benefit, year end, anniversary
    • Account history: transactions, investment allocations, past and year-to-date statements, fund performance
    • Tax reporting: Form 1099-R (distributions) and Form 5498 (regular and rollover contributions)

If you have not registered for CustomerLink, you can do so from this page. Choose one of the options under New Users and follow the instructions.

Phone

Call our Customer Service Center at 800-752-7216. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time.

After hours, you'll reach our Automated Information Line with 24/7 access, allowing you to:

  • check your current account values,
  • check your subaccount values and number of units, and
  • order statements.

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Customer service request form

Online

Download forms from our online Forms Finder.

Phone

Call our Customer Service Center at 800-752-7216. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time. We'll be happy to email, fax or mail your form.

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Internal Revenue Service (IRS) tax reporting forms

This summary is for general information purposes. Sun Life Financial does not provide tax advice. Please consult a qualified tax professional. You can also refer to IRS Publication 590 "Individual Retirement Arrangements (IRAs) and Publication 560 "Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans)", located at www.irs.gov, for more information.

Form 1099-R Distributions from Annuities

What is Form 1099-R?

Form 1099-R is an Internal Revenue Service (IRS) form that reports distributions from IRAs, 403(b) accounts, annuities, and other retirement plans.

  • Box 1 reports the gross amount distributed during the tax year minus fees and surrender charges.
  • Box 2a reports the taxable amount of the distribution(s).
  • Box 4 reports federal income tax withheld.
  • Box 5 reports the tax-free amount (cost basis) distributed during the tax year.
  • Box 7 reports the distribution code applied to the liquidation. You can find explanations for the distribution codes in the "Instructions for Recipient" section of the form.
  • Box 12 reports state income tax withheld.

When is Form 1099-R is mailed?

Form 1099-R is mailed to you, the taxpayer, by January 31 of the year following the calendar year in which the distributions occurred. If there were no taxable distributions, or if gross distributions were less than $10, no 1099-R Form is required to be issued. You can also access the 1099-R online by logging into CustomerLink (see above). To protect your privacy, we need your authorization each time you want us to send a copy of your 1099-R to a third party (e.g. your financial advisor or agent).

What if there is incorrect information on my Form 1099-R?

Call our Customer Service Center at 800-752-7216 to request a review and correction. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time.

Form 5498 IRA Contribution Information

What is Form 5498?

Form 5498 is an IRS form that reports contributions and rollovers into Traditional IRAs, Roth IRAs, and SEP IRAs.

  • Box 1 reports IRA contributions.
  • Box 2 reports Rollover contributions.
  • Box 3 reports Roth IRA Conversion amounts.
  • Box 4 reports Recharacterized contributions.
  • Box 5 reports the Fair Market (year end) Value of your account.
  • Box 7 reports the IRA type.
  • Box 8 reports SEP IRA contributions.
  • Box 10 reports Roth IRA contributions.
  • Box 11 is checked if you reached age 70½ years old during the current year. This box serves as a reminder that required minimum distribution payments must begin no later than April 1 of the year following the year you turn 70½.

Please note:

  • A separate Form 5498 will be created for each type of account.
  • Box 2 of the Form 5498 reporting a rollover contribution often offsets the Form(s) 1099-R reporting a rollover distribution made in that tax year.

When is Form 5498 mailed?

Form 5498 must be filed with the IRS by May 31. Contributions for the previous tax year that were made from January 1 of the previous calendar year through April 15 of the current calendar year are included on Form 5498. No Form 5498 is issued to you if there were no reportable events for the tax year. The IRS will still receive a copy of the form reporting the Fair Market Value of the account.

What if there is incorrect information on my Form 5498?

Call our Customer Service Center at 800-752-7216 to request a review and correction. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time.

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Update my personal details

To change your address …

Please note: 

  • As a precaution, any financial transactions you request within 30 days after an address change must be submitted by mail, signed by all owners and signature guaranteed (see signature guarantee stamp).
  • A Post Office (PO) Box cannot be the only address on file. You must also give a physical address.

Online

  1. Visit our website at http://www.sunlife.com/us.
  2. Find Access your account on the upper right-hand side of the page.
  3. Select Individuals from the drop down menu.
  4. Login to CustomerLink.
  5. Click on the Contact Us tab and request an address change in the comment box.

Phone

Call our Customer Service Center at 800-752-7216. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time.

Mail

Send us a letter signed by all owners listing your contract number(s) and full address to:

By regular mail:
Sun Life Annuity Service Center
PO Box 9133
Wellesley Hills, MA 02481-9133
By express mail:
Sun Life Annuity Service Center
112 Worcester Street
Wellesley Hills, MA 02481

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To change your name due to marriage, divorce, or a legal name change …

Please note:

  • Name changes are not ownership changes. Changing the current owner's name does not change the ownership of the contract.
  • We encourage you to notify us as soon as possible if your name changes.

Fax or mail

Send us a Letter of Instruction that includes the contract number(s). Sign with both your old and new names and include a copy of a marriage license, court order, or divorce decree.

Mail

Send us an original Letter of Instruction that includes the contract number(s). Sign with both your old and new names, and get a signature guarantee for each signature.

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Who needs to sign and what a signature guarantee is

If your contract is owned by… …you will need the following signatures and documents…
An individual
  • the contract owner's signature
A corporation
  • the signature of an authorized signer
  • a current copy of the company's corporate resolution that identifies who has authority to sign on behalf of the corporation
A trust
  • the signature(s) of the trustee(s), signed with the word "trustee" after each name
  • a completed Trust Certification/Affidavit form
An institutional custodian
  • the signature of an authorized signer as listed in the custodial agreement or current corporate resolution from the custodial firm
An estate
  • the signature of the court-appointed representative
  • a certified copy of appointment documents (e.g. letters testamentary)
  • a notarized Sun Life Court Appointed Fiduciary Affidavit form
A qualified plan
  • the signature of the plan's authorized signer
  • a copy of the plan document or adoption agreement specifying who has authority to sign on behalf of the plan, or a Qualified Plan Certification form
A non-natural person/entity
  • the signature of the authorized signer(s)
  • a signed Non-Natural Owner Acknowledgement form when signers have changed
 

Signature guarantee stamp

A "signature guarantee" is a certification provided by a guaranteeing institution that a signature is authentic. We require one in a number of situations to protect against potential fraud or identify theft. Please note:

  • When we request a signature guarantee for a transaction, you need to get an original signature guarantee stamp for each signature. We will not accept faxes or a notary stamp.
  • You can get a signature guarantee stamp at an FDIC-insured bank; member firm of the New York, American, Boston, Midwest, Philadelphia, or Pacific Stock Exchange; or any company that is a member of the Securities Transfer Agents Medallion Program (STAMP).

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Act on behalf of another (Trustee, Power of Attorney, Court-appointed fiduciary)

A person may have the power to act as a fiduciary on behalf of a contract owner. The appointment may be temporary or enduring. Fiduciary roles include acting as an Attorney-in-fact, Guardian for a Minor, Conservator of an Estate, or a Trustee of a trust. See above for general signing requirements.

The following are general guidelines only. Additional or different requirements may apply in some situations. Blank affidavit or certification forms are available on our website. For clarification or assistance please call our Customer Service Center at 800-752-7216. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time.

How do I establish my fiduciary relationship to the contract owner?

Send us the following items by mail:

  • A cover letter that includes the contract number(s), the owner's name, and your request to be added to the contract(s) as a fiduciary
  • For a trust: a Trust Certification/Affidavit form confirming the appointment and its validity.
  • For a Power of Attorney (POA): A copy of the POA document, and—if the POA is more than 90 days old—a Power of Attorney Affidavit form.
  • For court appointments e.g. guardianship order, etc.: A copy of the appointment document, and—if the appointment document is more than 90 days old—a Court-Appointed Fiduciary Affidavit form).

How do I submit requests after I've established my fiduciary relationship to the contract?

Because fiduciary appointments may be withdrawn or changed over time, we need to know an appointment is still valid before we can process a transaction. As fiduciary, you need to:

  1. complete the appropriate affidavit or certification form (blank forms are available on our website)
  2. sign the affidavit or certification in your fiduciary capacity and state your role
  3. have the affidavit notarized, if required (please see each form for requirements)
  4. send us the original paperwork by mail (no faxes) if notarization is necessary

How long is an Affidavit or Trust Certification good for?

Multiple requests can be supported by a single affidavit if its time frame has not expired and there have been no changes in the authorization. Please note:

  • Affidavits for fiduciary appointments (Power of Attorney, Executor, Conservator, Guardian) must be original, notarized, and executed within 90 days (except NY, see below) prior to making a withdrawal or doing any type of maintenance on an annuity contract.
  • For Power of Attorney appointment documents issued in the state of New York, we require a notarized affidavit for each and every transaction request.
  • The Trust Certification/Affidavit does not expire, however the trustee(s) must notify us if and when there are changes to the trust or trustees. A new Trust Certification/Affidavit must be submitted when there is a change.

Please note:

  • Sometimes we update forms for regulatory reasons and may ask you to send us a new form to replace an older one we have on file.

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File an annuity death claim

Notification of death

Please call our Customer Service Center at 800-752-7216. We're available Monday through Friday between 8:30 a.m. and 6:00 p.m. Eastern Time. Be ready to provide the following information about the contract owner:

  • name
  • contract number(s) or Social Security Number
  • date of death

If you are not the beneficiary, you may be asked for the beneficiary's address. The Customer Service Representative will, if necessary, arrange to send a claims package with a cover letter listing the requirements for processing the claim. These requirements generally include:

  • an original certified death certificate indicating the cause of death
  • a completed claim package from each beneficiary

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Certified death certificate and claim paperwork

Will you accept a fax or photocopy of a certified death certificate or completed claim paperwork?

No, we must have originals and ink signatures. We will return the death certificate to you after processing is complete, if you request it and provide your mailing address.

What is a certified copy of a death certificate?

A certified copy of a death certificate has either a raised seal or a colored signature seal from the county, city or state that issued it. An original death certificate should contain the signature of an officer of the county, city or state.

How do I change information on the claim form if I have filled it out incorrectly?

Put a line through an incorrect answer and insert the correct information. Do not use correction fluid or tape. The beneficiary must initial all corrections.

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Beneficiary

Who is the beneficiary?

There can be a single beneficiary or multiple beneficiaries.

  • A primary beneficiary is the party designated to receive the death benefit proceeds.
  • A contingent beneficiary is the party designated to receive proceeds if the primary beneficiary either
    • (a) dies before the person who death gives rise to the claim, or
    • (b) disclaims.

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Deceased primary beneficiary

If the primary beneficiary is deceased, can I send a certified copy of the death certificate for the deceased primary beneficiary?

Yes. We need either an original or a certified copy of the death certificate for any deceased beneficiary.

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Name change of the beneficiary

If the beneficiary's name has changed, how do I validate the name change?

If a beneficiary's name has changed from the name that appears on our records because of a marriage, divorce or legal name change:

  • By fax or mail, send us a Letter of Instruction that includes the contract number(s). Have the beneficiary sign with both the old and new names and include a copy of a marriage license, court order, or divorce decree. OR
  • By mail, send us an original Letter of Instruction that includes the contract number(s). Have the beneficiary sign with both the old and new names and get a signature guarantee for each signature.

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Power of attorney for the beneficiary

If I am signing as the attorney-in-fact for the beneficiary, what do I need to send as proof of my authority?

Send us a copy of the executed Power of Attorney (POA) document confirming your authority to act on the beneficiary's behalf. If the POA document is more than 90 days old (except NY, see below), you must also attach a notarized POA Affidavit to confirm that the appointment is still in effect. You must sign the claim form in your capacity as attorney-in-fact.

Please note:

  • For Powers of Attorney issued in the state of New York, we require a notarized affidavit for each and every transaction request.
  • Examples of a proper signature format: "Jane Doe POA for John Doe" or "John Doe by Jane Doe, POA".

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Trust beneficiary

What information do I include on the claim form for a trust?

You need to indicate the name of the trust under "Claimant name." For "Claimant's address," indicate the address where the claim proceeds should be delivered to the trust.

If there are multiple trustees, how many need to sign the claim form?

There is a trust certification/affidavit form in which trustees may indicate whether they can act individually. It must be notarized and is used in lieu of the trust document.

Why is a trust or estate required to provide a Tax Identification Number (TIN)?

An entity that is not an individual is required by federal income tax regulations to give a TIN to a payor of income. A trust or estate must submit its TIN. Fill out an Internal Revenue Service (IRS) Form W-9 in the name of the Trust or Estate. IRS W-9 forms and instructions are available at http://www.irs.gov/formspubs/index.html.

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The original contract

Will you accept a copy of the contract?

No. We need the complete original contract, if available. You may make a copy of the original contract for your records.

What if the original contract is lost or otherwise unavailable?

Complete and sign the Lost Policy Certificate provided in your claim package. By signing the certificate, you are saying that all original contracts and any duplicate certificates are lost or otherwise unavailable.

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Year of death Required Minimum Distribution (RMD)

What is a year of death RMD and when is it needed?

Required minimum distributions start at age 70½ for tax-qualified accounts. If an RMD was due in the year of death and the deceased did not already take it, the beneficiaries must take the balance of the RMD before the end of the year. The RMD for the year of death is calculated as if the decedent had lived for the entire year. The IRS penalty for not taking a required distribution is 50% of the amount not taken and is over and above any tax that is withheld.

How do I request a year of death RMD?

The beneficiaries must send us signed letter(s) of instruction with tax withholding instructions and a mailing address.

Please note: Year of death RMDs may be taken from other accounts the deceased may have. Talk to a tax advisor to see if this is possible. If you have satisfied the year of death distribution elsewhere, we will accept a signed letter of instruction confirming this.

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Start income payments (annuitize)

Please note: Not all income options, payment methods, or frequencies are available for all products. Please refer to your contract or prospectus or contact us to determine your specific options.

What annuity settlement options are available?

Generally speaking, the annuity settlement options are:

  • Life annuity: The annuitant is guaranteed to receive payments for life. After the annuitant's death, no further payments will be made.
  • Life annuity with guaranteed period: Payments are guaranteed through the later of either the death of the annuitant, or the end of the period selected.
  • Joint and survivor: We will make annuity payments for as long as both annuitants are alive. At the death of the first annuitant, we will make annuity payments to the surviving annuitant for as long as he or she is still alive. Annuity payments stop when the surviving annuitant dies.
  • Joint and 50% survivor: We will make annuity payments for as long as both annuitants are alive. At the death of the first annuitant, we will reduce the annuity payment amount by 50% and make annuity payments to the surviving annuitant for as long as he or she is alive.
  • Joint and survivor with guaranteed period: We will make annuity payments for as long as both annuitants are alive. At the death of the first annuitant, we will make annuity payments to the surviving annuitant for as long as the surviving annuitant is alive. We guarantee the annuity payments for the number of years selected even if both annuitants die before the end of the period.
    If both annuitants die before the end of the guaranteed period, payments will continue for the rest of the guaranteed period to the beneficiaries, OR the beneficiaries may choose to receive the present value of the remaining guaranteed payments in a lump sum.
  • Joint and 50% survivor with guaranteed period: We will make annuity payments for as long as both annuitants are alive. At the death of the first annuitant, we will reduce the payments by 50% and make annuity payments to the surviving annuitant for as long as the surviving annuitant is alive. We guarantee the annuity payments for the number of years in the guaranteed period even if both annuitants die before the end of the period.
    If both annuitants die before the end of the guaranteed period, reduced payments will continue for the rest of the guaranteed period to the beneficiaries, OR the beneficiaries may elect to receive the present value of the remaining guaranteed payments in a lump sum.
  • Period certain: Payments will be made for a specified period of time. If the annuitant lives beyond that time, payments stop at the end of the period. If the annuitant dies before the end of the period selected, then the beneficiaries may choose to continue to receive the remaining payments or receive the present value of the remaining payments in a lump sum.

Once I begin taking income payments (elect to annuitize), can I change my mind?

No. Annuitization election is irrevocable. Once annuity payments begin, the annuity option cannot be changed and no lump sum settlement option or cash withdrawals may be elected unless the chosen annuity option permits them.

What happens to a Living Benefit on my contract when I choose to annuitize my contract?

The Living Benefit may end. Please refer to your prospectus or contract for details.

Are there any surrender charges for annuitization?

No, however premium tax may apply upon annuitization.

Can I fax in my completed annuitization election paperwork?

Yes.

Why is proof of age needed, and what do I need to provide?

Annuitant birth date(s) must be verified in order to calculate income payments for life or joint life options. For joint life options we require proof of age for both annuitants. We will accept a copy of an individual's birth certificate, driver's license or passport as long as it shows the person's name (as it appears on the contract) and birth date.

What is a fixed annuity payment?

The amount of fixed payments remains constant over the payment period.

What is a variable annuity payment?

Variable payments fluctuate in amount according to subaccount investment performance.

What payment frequencies are available?

Payment frequencies include monthly, quarterly, semiannual or annual payments.

When will my income payments be processed?

Check your contract or prospectus for specific details. Fixed payments are generally made on the first business day of the month. Variable payments are made on the second business day of the month. If a scheduled payment date falls on a weekend or holiday, we will process the payment the next business day.

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