What Is A Form 712 On Life Insurance? 
IRS Form 712 is a statement that provides the life insurance value of your life insurance proceeds to the IRS . It is required to completed and turned in when the Insured person or policy owner dies and the death benefit is paid to you , or when a life insurance policy is transferred to you as a gift . It needs to be returned with Form 706 , 706-NA or 709 , the Estate or Gift -LRB- and Generation-Skipping Transfer -RRB- Tax form . 