When the insured person on a TIAA or TIAA-CREF Life Insurance Co. policy dies, the beneficiary(ies) may choose from a number of payout options. For claims of $5,000 or more, a beneficiary may elect to have a lump sum deposited into a Proceeds Plus account to use as he or she chooses.
Beneficiaries of TIAA or CREF retirement accounts may also elect to have death benefit proceeds deposited into a Proceeds Plus account.
1Fees will be charged for stop payment requests or overdraft.
Insurance products issued by TIAA-CREF Life Insurance Co. (TIAA-CREF Life) and Teachers Insurance and Annuity Association both located in New York, NY.
TIAA-CREF Life Insurance Company (TIAA-CREF Life) is a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA).