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| Q: |
How soon will I receive my proceeds? |
| Q: |
What interest rate will I receive on the proceeds? |
| Q: |
What does the statement on Page 3 of the claim form mean: I am not 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 does Immediate Payment mean? |
| 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: |
Do I have to complete page 6 of the Claim Form? |
| Q: |
Why do you need trust pages if I am certifying that I am the trustee? |
| Q: |
Where do I mail my claim documents? |
| Q: |
How long must I be disabled before submitting a Waiver Claim? |
| Q: |
How do I know if I have the Waiver of Premium/Waiver of Monthly Deductions rider on my policy? |
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| Q: |
How soon will I receive my proceeds? |
| A: |
We are committed to responding within 4 days of receipt of all outstanding claim documentation. |
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| 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. Our current rate is 2.10%, however this is subject to change.
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| Q: |
What does the question on the claim form mean: I am not subject to Backup Tax Withholding? |
| A: |
You have not been notified by the IRS that you owe back taxes. |
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| 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. |
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| Q: |
How do I obtain an IRS Form 712? |
| A: |
Call 1-800-387-2747 and state that there has been a death of one of the parties involved in the policy and you require a Form 712. |
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| 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.
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| Q: |
What do I do if the insured has died outside of the US? |
| A: |
Call us at 1-800 387-2747 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. |
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| Q: |
What does Immediate Payment mean? |
| A: |
There are 2 choices:
1. MBA ( Manulife Benefit 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. Lump sum check or wire transfer for the entire amount. |
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| 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. |
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| 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. |
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| Q: |
What do I do if I have a Survivorship Policy and one person dies? |
| A: |
Notify Manulife at 1-800-387-2747 and submit a certified death certificate. |
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| 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. |
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| Q: |
What do I do if the estate is not being probated? |
| A: |
Call us at 1-800 387-2747 and ask to speak to a Claims Analyst. We will advise you to complete an affidavit or guide you to have the estate probated. |
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| 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. |
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| Q: |
Do I have to complete page 6 of the Claim Form? |
| A: |
You only have to complete the form if there is a contestable claim or if there is an active Accidental Death Rider and the cause of death has been deemed to be accidental. We require authorization to obtain medical information and the names of the insured’s Attending Physicians. |
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| 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. |
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| Q: |
Where do I mail my claim documents? |
| A: |
Please refer to the mailing and courier addresses on top of page 1 of the Claim Form. |
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| Q: |
How long must I be disabled before submitting a Waiver Claim? |
| A: |
Six consecutive months. |
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| Q: |
How do I know if I have the Waiver of Premium/Waiver of Monthly Deductions 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 if you are still in doubt. |
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