W8-ben Form and Foreign National

Milkman1265

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Anyone know what this form is for and the purpose of filling it out?

Is it so they can withhold 30% of the DB, in the event, DB is paid out?
 
A W9 form is a social security certification form. You've probably completed this form in order to get appointed with several insurance carriers.

A W8-BEN form are for foreign nationals who do not have a social security number. I haven't had to deal with this form since I was in banking and opening checking accounts for students who were not U.S. Citizens.

Instructions for Form W-8BEN (02/2014)

You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien.
 
i have a foreign national trying to buy term life for himself.

I guess the w8 here is to withhold 30% of the death benefit?

The carrier asked for the w8 to be filled out, i never encountered this form before, but all my other foreign nationals had a ITIN
 
i have a foreign national trying to buy term life for himself.

I guess the w8 here is to withhold 30% of the death benefit?

The carrier asked for the w8 to be filled out, i never encountered this form before, but all my other foreign nationals had a ITIN

If he doesn't fill it out he will be subject to 30% withholding. If he does fill it out, then he may not be subject to the withholding depending upon the applicable tax treaty.
 
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