Life insurance companies generally do not provide full accounting services. They supply specific financial documents such as policy statements, annual statements, and tax‑related forms (e.g., 1099‑R). If you need broader bookkeeping, payroll, or tax planning, you'll need a separate accountant or CPA.
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What Documentation Do Insurers Offer?
Insurers routinely produce:
- Annual policy statements showing premiums paid, cash value, and dividends.
- Monthly or quarterly statements for variable or indexed policies.
- Tax forms (1099‑R, 1099‑MISC) for withdrawals, surrenders, or policy loans.
- Annual financial reports for corporate policyholders.
When You Might Need an Accountant
Consider an accountant if you need:
- Full bookkeeping for a business that owns life policies.
- Tax advice on leveraging policy cash values for estate planning.
- Audit support or financial statement preparation for company shareholders.
How to Access the Insurance Statements
Most insurers allow policyholders to download statements online via their member portals. If you're a corporate client, contact the corporate services department for bulk or customized reporting.
Common Misconceptions
Some believe the insurer's annual statement replaces a company's annual financial report. It does not; the statement reflects the policy's value, not the business's overall financial health.
Choosing an Accountant for Insurance-Related Needs
When selecting a professional, look for experience with life insurance taxation, estate planning, and policy loan structuring. A CPA familiar with insurance products can integrate policy data into your overall financial strategy.