FAQ Frequently Asked Questions

Q: How soon will I receive my proceeds?
Q: What interest rate will I receive on the proceeds?
Q: Am I subject to Backup Tax Withholding?
Q What is the IRS Form 712 and when is it needed?
Q: How do I obtain an IRS Form 712?
Q: What is a certified death certificate? Where can I get one?
Q: What do I do if the insured has died outside of the US?
Q: What are the current payment options?
Q: Do I have to pay taxes on this death benefit?
Q: What is a Qualified Plan?
Q: What do I do if I have a Survivorship Policy and one person dies?
Q: What are Letters Testamentary/Administration?
Q: What do I do if the estate is not being probated?
Q: What is a contestable claim?
Q: Why do you need trust pages if I am certifying that I am the trustee?
Q: How do I know if I have a disability benefit rider on my policy?
   
   
   
Q: How soon will I receive my proceeds?
A: Generally funds are disbursed within six to ten days.
   
 
   
Q: What interest rate will I receive on the proceeds?
A: Interest will be paid from the date of death to the date we pay the death benefit proceeds at such a rate as is required by the Contract or State Law, whichever is greater. 
     
 
   
Q: Am I subject to Backup Tax Withholding?
A: If you have been notified by the IRS that you owe back taxes for non declaration of interest or dividends, you may be subject to backup tax withholding. Please consult your tax advisor for further details.
   
 
   
Q: What is the IRS Form 712 and when is it needed?
A: The IRS Form 712 is a statement that provides Life Insurance Policy values as of the date of an insured’s or policy owner's death, or at a time a Life Insurance Policy is transferred as a gift. The IRS requires that this statement be included when an estate (or gift) tax return is filed.
   
 
   
Q: How do I obtain an IRS Form 712?
A: Call 1-800-387-2747 (USA) or 1-888-267-7781 (NY) and state that there has been a death of one of the parties involved in the policy and you require a Form 712. 
   
 
   
Q: What is a certified death certificate? Where can I get one?
A: A Certified Death Certificate is a copy of a death certificate that is guaranteed to be a true and exact copy of the original.  You can obtain a Certified Death certificate at a court or government agency ( ie. a town or city hall) or  the State Department of Vital Statistics or from the funeral home.
   
 
   
Q: What do I do if the insured has died outside of the US?
A: Call us at 1-800 387-2747 (USA) or 1-888-267-7784 (NY) and ask to speak to a Claims Analyst.
You will be required to send the official death certificate issued in the country where the death occurred, a completed Death of a US Citizen Abroad Questionnaire and Proof of Death, and a Physician's Statement Form completed by the local doctor who certified the death.
   
 
   
Q: What are the current payment options?
A: There are 3 choices:
     1.  SAA (Safe Access Account) which is an interest-bearing  checking account
          set up for you  where you receive a check book and can write one or
          several checks  against your account.
     2.  Wire transfer for the entire amount.
     3.  Check for the entire amount.
   
 
   
Q: Do I have to pay taxes on this death benefit?
A: Taxes are payable only on the interest paid with the death benefit proceeds unless the policy was a Qualified Plan. Please consult your tax advisor for further details.
   
 
   
Q: What is a Qualified Plan?
A: A Qualified Plan is an Employee Benefit Plan. The benefit of the Plan is that the employer or taxpayer receives current income tax deductions for contributions made to the Plan. The employee is taxed on the benefits received from the Plan. Please consult your tax advisor for further details.
   
 
   
Q: What do I do if I have a Survivorship Policy and one person dies?
A: Notify John Hancock at 1-800-387-2747 (USA) or 1-888-267-7781 (NY) and submit a certified death certificate.
   
 
   
Q: What are Letters Testamentary/Administration?
A: Letters Testamentary/Administration is a document appointing the administrator or personal representative of a decedent’s estate. They are usually issued by a Probate Court.
   
 
   
Q: What do I do if the estate is not being probated?
A: Call us at 1-800 387-2747 (USA) or 1-888-267-7781 (NY) and ask to speak to a Claims Analyst.  We will advise you to complete an affidavit or guide you to have the estate probated.
   
 
   
Q: What is a contestable claim?
A: A claim is considered contestable if the insured dies within a 2 year period of the  issue date of the policy. Generally we complete a routine investigation to verify the information provided at underwriting. We try to complete the investigation as quickly as possible and keep the beneficiary informed of our progress.
   
 
   
Q: Why do you need trust pages if I am certifying that I am the trustee?
A: Normally a copy of the pertinent pages is required if there has been a change of Trustee from what is shown on our records.
   
 
   
   
 
   
Q: How do I know if I have a disability benefit rider on my policy?
A: It will be shown on page 3 of your policy contract or on an endorsement if it was added after issue. There is also a premium charge if you have the rider. Call the Customer Service Center at 1-800-387-2747 (John Hancock U.S.A.) or 1-888-267-7781 (John Hancock New York) if you are still in doubt.
   
   
   
 

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

MLINY05301216856