Form 712, Life Insurance Statement, is the IRS form an insurance company completes to report the value of a life insurance policy for estate or gift tax. The executor asks the insurer for it and files it with Form 706 or 706-NA when the person who died was insured, and a donor files it with Form 709 when a policy on a living person was given away. You need one Form 712 for each policy.
This guide follows the December 2024 revision of Form 712 and the IRS About Form 712 page, read as of October 2026. It's written for executors and family members who've been told to get a 712 and want to know what it's for before they phone the insurer.
Who fills in Form 712, and who files it
You don't complete this form yourself. The instructions say the statement has to be made on behalf of the insurance company that issued the policy, by an officer of the company who has access to its records. A facsimile signature is allowed and is just as binding as a handwritten one.
Your job is to request it and attach it. The executor files it with the estate tax return, Form 706, or with Form 706-NA for a nonresident who wasn't a US citizen. The IRS also tells the insurer not to send the form to the IRS office. It goes back to the executor or representative who asked for it.
Part I: when the insured person has died
Part I is headed Decedent, Insured. It's the part you'll see when you're settling the estate of someone whose own life was covered. It records who died and when, the insurer's name and address, the type of policy, the policy number, the owner, and any assignment of the policy.
The value lines follow. They show the face amount of the policy, indemnity benefits, additional insurance and other benefits, then subtract any loan the company deducts and the interest on it to the date of death. Accumulated dividends, post-mortem dividends and returned premium are listed separately, and line 24 gives the amount payable in one sum.
- Line 13 is the annual premium, not the total of every premium paid. If the death came after the premium period ended, the insurer reports the last annual premium.
- Line 25 is used when the proceeds aren't paid in one sum, and line 26 asks whether a surviving spouse can take something other than a lump sum.
- Lines 27 to 30 cover installment payouts, including the mortality table and interest rate the insurer used to value them.
- Line 31 asks whether the policy was transferred within the 3 years before death, and line 34 asks about incidents of ownership in policies the person didn't own.
Part II: when the insured person is still alive
Part II is headed Living Insured. It's filed with Form 709 or 709-NA, the gift tax returns, when someone gives away a policy on a life that's still going. It can also go with Form 706 when the person who died owned a policy on somebody else's life.
Section A identifies the donor or the person who died and the date the value is needed. Section B describes the policy: the insured, the company, the type, the face amount, the issue date, the gross premium, how often it's paid, any assignee and any irrevocable beneficiary designation.
How the insurer works out the value
This is the reason the form exists. Life insurance on a living person isn't valued at its face amount, so the insurer has to show its working, and the method depends on whether premiums are still due.
| Policy status | Lines used | How the value is built |
|---|---|---|
| Not paid up | 58a to 58f | Interpolated terminal reserve, plus the part of the gross premium paid beyond the valuation date, plus a dividend adjustment, minus any loan against the policy |
| Paid up or single premium | 59a to 59e | Cost of a single-premium policy for the same face amount at the insured's age on that date, plus a dividend adjustment, minus any loan against the policy |
Line 58f or line 59e is the net total value for gift or estate tax purposes. That's the figure you carry onto the return. If a single-premium policy wouldn't have been issued on that date, the insurer still has to assume one could've been bought and price it with its own formula.
How to get Form 712 from the insurer
- Find every policy. Line 35 asks the insurer to list other policies it knows the person held, which can help you find ones you missed.
- Contact each insurer's claims or estate team and ask for a Form 712 for each policy, giving the policy number and date of death.
- Check that the form is signed and dated by a company officer before you file it.
- Attach each 712 to the Form 706, 706-NA or 709 it supports, and keep a copy with the estate papers.
If you're acting as executor, Form 56, the notice concerning a fiduciary relationship, is the IRS form for telling it you're acting in that role.
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Lines to double-check
The premium and the dates need the most care. Line 13 asks for the annual premium, so a running total of every premium paid is wrong. Line 31 asks about any transfer of the policy in the 3 years before death, and if the answer is yes, line 32 needs the date. An assignment also needs a copy attached at line 10.
The verdict
Form 712 is a valuation statement, not a tax return. The insurer does the hard part, and the executor or donor makes sure one comes back for every policy and goes in with the right return. Request it as soon as you know which policies exist, because the return can't be complete without it.
A related form is explained in our revocable trust election explainer.
Frequently asked questions
What is Form 712 used for?
It reports the value of a life insurance policy for estate or gift tax, and it's filed with Form 706, 706-NA, 709 or 709-NA.
Who completes Form 712?
An officer of the insurance company that issued the policy signs and completes it, then returns it to the executor or representative who asked for it.
Do I need a separate Form 712 for each policy?
Yes. The instructions say to file a separate Form 712 for each policy.
What's the difference between Part I and Part II?
Part I is for a policy on the life of the person who died, and Part II is for a policy on a living person, such as one given away as a gift.
Which line shows the value for estate or gift tax?
For a policy on a living person it's line 58f if premiums are still due, or line 59e if it's paid up or single premium.
