To withdraw money from Primerica, you first need the right form for your product: investment and retirement accounts use one of the POL-series distribution forms available through the Shareholder Account Manager at shareholder.primerica.com, while life insurance cash value withdrawals and surrenders go through Client Services at 1-800-257-4725. A Primerica withdrawal form asks for your account or policy number, Social Security number, the type of distribution you want, a federal tax withholding election, and bank details if you want the money sent by direct deposit. Investment distributions often require a Medallion Signature Guarantee, which a notary cannot substitute for.
Which Form Matches Your Account
Primerica Shareholder Services publishes a separate form for each account type on its eForms page:
- POL-10E, IRA Distribution Form, for traditional and Roth IRA withdrawals.
- POL-20E, Voluntary Account Distribution Form, for non-retirement investment account redemptions.
- POL-21E, 403(b) Redemption Form, for withdrawals from 403(b) custodial accounts.
- POL-12E, 72(t) Removal Request Form, for substantially equal periodic payments that avoid the early withdrawal penalty.
- POL-42E, Removal of Excess Contributions Form, for correcting IRA over-contributions.
- POL-86E, Minor IRA Redemption/Transfer Form, for distributions once a minor reaches the state contract age.
All of these are available digitally once you sign in to the Shareholder Account Manager. Life insurance is different: to cancel or surrender a Primerica term life policy with cash value, call Client Services and a representative will walk you through the paperwork or mail the correct form.
What to Have Ready Before You Start
Gather these items before opening the form so you can complete it in one pass:
- Your 10-digit policy number for life insurance, or the account number from your shareholder statement for investments.
- Your Social Security number, which every distribution form requires for tax reporting.
- Identity details the Shareholder Account Manager uses for verification: name, SSN, account number, zip code, date of birth, and phone number or email. Online transactions do not require a photo ID.
- Your bank’s nine-digit ABA routing number and your account number if you want direct deposit. Check both against a voided check or your bank’s online portal; one wrong digit sends the money nowhere.
Death claims and beneficiary distributions are a separate process and do require a state- or federal-issued photo ID along with supporting documents such as letters testamentary or a death certificate.
Filling Out the Form
Distribution Type
Every form asks what kind of distribution you want. The main choices are a full surrender that closes the account, a partial withdrawal of a specific dollar amount, or, for retirement accounts, a rollover to another qualified plan or IRA. Read the choices carefully. Selecting the wrong one can trigger taxes you weren’t expecting. If you’re rolling funds to another retirement account, the form asks for the receiving institution’s name and account number.
Federal Tax Withholding
The form includes a section where you elect how much federal income tax to withhold. Default rates depend on the payment type. For most IRA and annuity distributions, which are nonperiodic payments, the default is 10%. For eligible rollover distributions from employer plans, the default is 20%, and you cannot elect less than that.
You can pick a different rate by completing IRS Form W-4R, which the withdrawal form may incorporate or reference. Any rate from 0% to 100% is available for nonperiodic payments, but choosing 0% means you’re responsible for estimated tax payments yourself. The W-4R includes marginal rate tables to help you match your actual bracket.
Signature Guarantee
Investment account distributions processed through Primerica Shareholder Services may require a Medallion Signature Guarantee. That is a specific stamp from a participating bank, credit union, or broker-dealer that verifies your identity and authorizes the transaction. A notary seal is not a substitute. Primerica’s beneficiary claim form is explicit: “We are unable to accept a signature guarantee by a Notary Public.”
Call your bank before you go in to confirm they offer the service and whether they charge a fee. Costs range from nothing for established customers up to around $100 at some institutions.
Where to Submit
Online
Many service request forms can now be submitted digitally through the Shareholder Account Manager after you sign in. This is the fastest route for investment account distributions and avoids mail delays.
Investment account forms go to Pittsburgh:
- Standard mail: Primerica Shareholder Services, P.O. Box 534485, Pittsburgh, PA 15253-4485.
- Overnight or express: Primerica Shareholder Services, Attention: 534485, 500 Ross Street, 154-0520, Pittsburgh, PA 15262.
Life insurance correspondence goes to Duluth, Georgia:
- U.S., Puerto Rico, and Guam: Primerica Life Insurance Company, 1 Primerica Parkway, Duluth, GA 30099.
- New York policies: National Benefit Life Insurance Company, 1 Primerica Parkway, Duluth, GA 30099-0001.
Include your 10-digit policy number on all correspondence. Sending an investment form to Duluth or a life insurance form to Pittsburgh delays processing while the paperwork is rerouted.
Fax
The Claims Department accepts faxes at (470) 564-7662. Confirm with your representative whether your form can be faxed, because some transactions require original signatures or Medallion stamps that don’t transmit well.
Fees That Come Out of Your Withdrawal
Getting money out isn’t always free. For IRA, SEP, SIMPLE, 403(b), and Coverdell accounts, Primerica charges a $25 annual custodial fee per account and a $30 termination fee when the account is closed. The termination fee comes out of your proceeds, so factor it in if you’re taking a full surrender.
Annuity products carry surrender charges that decline over time. Variable annuities typically impose charges during the first seven or eight years of the contract, often starting at 8% of the amount withdrawn in year one and falling by roughly a percentage point each year. Index-linked variable annuities have shorter surrender periods of three to six years, and fixed indexed annuities range from six to ten years. Once the surrender period ends, the charge disappears. Check your own contract’s schedule before you request a withdrawal.
Mutual fund shares purchased at net asset value may also carry a contingent deferred sales charge of up to 1% if redeemed within the first year of ownership.
Taxes and the Early Withdrawal Penalty
Beyond Primerica’s fees, the IRS imposes a 10% additional tax on distributions from qualified retirement plans taken before age 59½. That penalty is on top of ordinary income tax on the distribution itself. For SIMPLE IRA distributions taken within the first two years of participation, the penalty is 25%.
Several exceptions let you avoid the 10% penalty. They include distributions after the account holder’s death, distributions due to disability, substantially equal periodic payments under a 72(t) schedule (the purpose of the POL-12E form), distributions after separation from service at age 55 or older, and qualified birth or adoption distributions. If your distribution qualifies but your 1099-R doesn’t reflect it, use IRS Form 5329 when you file to claim the correct treatment.
Required Minimum Distributions at 73
If you hold a traditional IRA, SEP, SIMPLE, 401(k), or 403(b) through Primerica, you must begin required minimum distributions once you reach age 73. Your first RMD is due by April 1 of the year following the year you turn 73. Every RMD after that is due by December 31.
Waiting until April 1 for the first distribution means taking two RMDs in the same calendar year, one for the prior year and one for the current year, which can push you into a higher bracket. Many people avoid that by taking the first distribution in the year they actually turn 73.
Missing an RMD triggers a 25% excise tax on the amount you should have withdrawn. If you catch the mistake and correct it within two years, the penalty drops to 10%. You report the shortfall and request a waiver using IRS Form 5329, showing reasonable cause.
After You Submit
Once Primerica has a complete, properly signed form, expect several business days for administrative review. Electronic funds transfers reach your bank faster than checks, which depend on the mail. An incomplete form (missing signature, wrong account number, notary stamp where a Medallion Guarantee was required) is kicked back, and the clock restarts.
By January 31 of the year following your distribution, Primerica must send you IRS Form 1099-R. It reports the gross distribution in Box 1, the taxable portion in Box 2a, and any federal income tax already withheld in Box 4. The distribution code in Box 7 tells you and the IRS whether an early-withdrawal exception applies. Keep the 1099-R with your tax records; you’ll need it to file accurately.