Frequently Asked Questions
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5 most frequent questions
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1
Can an individual open an IRA despite having a retirement plan or pension, whether private, governmental, or Social Security? -
2
Must I start withdrawing my IRA account money at a particular age? -
3
I retired and would not like to withdraw the funds from the company’s retirement plan. Can I transfer these funds to an IRA account? -
4
What happens to the IRA account if I die? -
5
Do I have to pay taxes on the interests earned in my IRA account?
Individual Insurance
- How long will it take to receive my policy contract?
- What is the time limit to purchase a disability policy?
- Who can purchase a disability policy?
- What is the waiting period within a disability policy?
- Are the benefits accumulated in a universal life insurance policy exempt when they are withdrawn by the policyholder or beneficiary?
- Is the life insurance coverage exempt when it is paid to the beneficiary?
- What should I do when the beneficiary is a minor, so that they do not have to wait to come of legal age to receive their benefits?
- Does the company pay the claim to the beneficiary immediately?
- What is a contingent beneficiary?
- Can I change my beneficiaries?
- Does the insurer pay the bank or the beneficiary when the policy is established to cover a mortgage?
- Who must I contact to file a death claim (basic coverage)? What are the necessary documents?
- What is a primary beneficiary?
Life insurances
Non-Occupational Disability Insurance
- What is SINOT?
- Which workers does it insure?
- Who is entitled to the SINOT benefit?
- How do I apply for these benefits?
- What requirements must a worker meet to be eligible?
- What is the time limit to file a claim for disability?
- How long do I have to file your claim?
- When do the benefits start?
- What is the time limit and amount to which I am entitled to receive SINOT benefits?
- Can disability benefits be claimed due to pregnancy?
- Is a person who became injured during the commission of a crime eligible for disability benefits?
- Duplication of Benefits
- Can a worker claim benefits if they become disabled while receiving unemployment insurance?
- Can workers who become disabled while receiving unemployment insurance claim SINOT benefits?
- Can workers claim SINOT benefits if they have filed a claim at the State Insurance Fund Corporation?
- Can a person who renders any service during any disability period receive benefits?
- What other limitations prevent a worker from being eligible to receive disability benefits?
- Are workers entitled to appeal any decision which they disagree with?
- Is an employer required to hold the job that a worker performed at the time of their disability and reinstate them?
- Is the benefit payment subject to withholding by Social Security?
- What are the benefits for Dismemberment?
- What is the time limit to file a death claim?
- Documents required to file a death claim
- Process to claim SINOT death benefits
- Voluntary Insurance for Chauffeurs
Long Term Disability Insurance
- When do I start receiving payments?
- What is the waiting period?
- Do you ask for medical records or must I deliver them to you?
- Can I return to work?
- I received a letter telling me to follow up with my doctors. What should I do?
- I was requested proof of the Social Security process, but I expect to return to work; what do I do?
Retirement and Investments
- Can an individual open an IRA despite having a retirement plan or pension, whether private, governmental, or Social Security?
- Must I start withdrawing my IRA account money at a particular age?
- I retired and would not like to withdraw the funds from the company’s retirement plan. Can I transfer these funds to an IRA account?
- What happens to the IRA account if I die?
- Do I have to pay taxes on the interests earned in my IRA account?
- Can I receive distributions only from the interests accumulated in my IRA account?
- How will I receive the income from my distribution?
- Are there exceptions to the 10% penalty for receiving the IRA account distribution before reaching 60 years of age?
- Can an individual start receiving the accumulated amount in their IRA account before reaching 60 years of age?
- When can an individual start to receive the amount accumulated in their IRA account?
- What is the deadline to make my IRA account contribution for a tax year?
- How much can I deduct for IRA account contributions?
- Who is eligible to open an IRA account?
- What is an IRA?
- When will the ACH payment reflect in my account?
- How can I obtain the check?
- Does any penalty apply to me?
- What is the process to request a fund withdrawal?
- When I was a resident of Puerto Rico, I opened an IRA account. Now I am resident of the United States and received a distribution of my IRA account in Puerto Rico. Must I include that income in my Puerto Rico income tax return?