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FREQUENTLY ASKED QUESTIONS

Here are the answers to some of your most common questions. If you didn't find what you're looking for, please feel free to contact us. We'll do our best to help you out.


 

Who are eligible to be designated as beneficiaries?

"Insurable interest" is a concept dealing with the legitimacy of a life insurance policy and its beneficiary. The intention of life insurance is to provide financial assistance to the beneficiary after the death of the insured. Most common beneficiaries are immediate family members, descendants, heirs, employers, established business partners and charities of the insured.

 


 

What are the types of beneficiary designation?

Beneficiaries may be designated as Revocable or Irrevocable.

With Revocable Beneficiaries, owner CAN:

  1. Change beneficiaries
  2. Exercise all rights and privileges on the policy without the consent of the designated beneficiaries
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With Irrevocable Beneficiaries, owner CANNOT:

  1. Change beneficiaries
  2. Exercise any right or privilege on the policy without the consent of the beneficiaries, therefore: ALL POLICY CHANGES WILL HAVE TO BEAR THE SIGNATURE OF THE IRREVOCABLE BENEFICIARIES (must be of legal age)

 


 

Can I change my beneficiary anytime?

Yes, you may change your beneficiary anytime as long as the policy is in force. If the current beneficiary is designated as irrevocable and is of legal age, his consent is necessary to effect the change. If the irrevocable beneficiary is a minor, he can only express his consent through a guardian duly appointed by the court.

 


 

How do I assign my policy as collateral security?

A policy can be assigned to any other person, bank or entity in consideration of a loan.
Below are the requirements for the purpose:

  1. Assignment/Release of Assignment Form duly signed by the owner and designated irrevocable beneficiary/ies, if there is/are any.
  2. Copy of the loan approval from the bank.
  3. Copy of two valid IDs (e.g. passport, driver's license).
  4.  

Submit these documents to Client Services in order to process the request

 


 

How do I release the assignment as collateral security?

The assignee should accomplish the Assignment/Release of Assignment Form and submit the completed form to Client Services Department. If assignee is a corporation (e.g. bank), the form should be signed by the company's authorized signatory. A copy of Secretary's Certificate or Board Resolution and valid ID of the signatory are also required.

 


 

How do I repay loan?

Policy loan can be paid during the lifetime of the policy and at any amount convenient to the policy owner. The loan plus interest is indicated on the anniversary notice.
 
 A Loan Repayment Schedule may also be requested. You may call our Customer Care at 884-7000 or 884-LIFE (5433) or Toll Free Number 1-800-1-888-6268 or send an email to phcustomercare@manulife.com for the request.

 


 

What happens if I do not pay my policy loan?

 All policy loan, whether cash or through premium loan are charged with interest computed at a fixed rate per annum. Interest is capitalized every policy anniversary and is compounded annually, if not paid.  If principal loan and interest are not paid on or before the policy anniversary, both will automatically become a new loan and interest will be charged accordingly.
 
If at any time the total amount of loan equals or exceeds the cash value, the policy will automatically terminate without any value on that date. In the event of a claim, the Company will deduct all loans and interest from the amount of proceeds under the policy.

 


 

What are policy dividends?

If you own a participating policy, you are eligible to receive a policy dividend, an amount of money returned to the holder of a participating policy based on the company's experience. Dividends are not guaranteed.

Whenever the performance of the Company is better than anticipated, assumed or projected, the policy owner participates in this good performance. Payment of a life insurance dividend indicates that the Company's operating expenses, risk selection and management experience have been better than expectations. Dividends are paid on a policy every anniversary beginning on the third or fourth policy year, depending on the product type.

 


 

Do dividend illustrations project future results? 

No. Illustrations should not be used to project future performance, or as a means to compare products or companies. Dividend performance may and most likely will change over time. Illustrations are not intended to be and should not be used as estimates of future performance.

 


 

How can I use my dividends? 

Purchase paid up additions if no other option is chosen.  These paid up additions have cash values and also earn additional dividends if the company declares any.

Reduce the premiums of your participating whole life insurance policy. Over a period of years the reduction can be considerable, making premium payments for your policy easier to handle.

Paid to you in cash. If you should choose this option, the company will send you a check each year.

Dividends can be left to accumulate interest at a rate set by the company.  The dividend accumulations may be used to pay any indebtedness or any premium due.  You may also wish to withdraw any accumulated dividends.

 


 

Can I request for a dividend illustration?

Yes, you may request for an illustration that shows hypothetical policy performance over a number of years.  Illustrations demonstrate how a life insurance product works. Any annual dividends shown on the illustration reflect the dividend scale in effect when the illustration was created. The dividend scale is reviewed annually and it is very likely that dividends in future years will be higher or lower depending on the company's actual experience.

 


 

 What are the requirements for dividend withdrawal?

For a participating policy, dividends may be withdrawn depending on the dividend option elected in the application form.

To withdraw dividends, submit the following requirements:

  1. Request for Dividend Withdrawal Form duly signed by the insured/owner.
  2. Copy of valid ID.
  3. Policy contract if the amount being withdrawn exceeds Php5,000.

 


 

What other changes can I make on my policy? What are the requirements to effect the change?

CHANGE OF PLAN*

  1. Fill out the Application for Policy Change Form
  2. Fill out the Statement of Insurability Form
  3. Submit the accomplished forms duly dated, witnessed, signed by the policyowner and countersigned by irrevocable beneficiary/ies, if any, to Client Services Department.
  4. Additional premiums should be paid, if needed.

Application for change in plan should be made within six months from issue date. This is done only once in a lifetime of a policy.

Correction of date of birth and age
Correction of Insured or beneficiary/ies name
Change in the mode of payment
Address Change

You may also write us a letter with your full name, policy number and correct address or send an email to phcustomercare@manulife.com.

 


 

How do I recover my policy if it has lapsed?

To reinstate a lapsed policy:

  1. Pay all back premiums, interest and any other charges.
  2. Accomplish the Statement of Insurability/Application for Reinstatement Form and submit to Client Services Department.
     

Additional proof of insurability (e.g. medical examination) may also be required to reinstate the policy.

Note: Life policy may be reinstated within three years from lapse date
         Plan policy may be reinstated within two years from lapse date

  1.  

 

 How can I contact my Financial Sales Associate?

Your Financial Sales Associate may be reached through our trunk line 884-LIFE (5433) or Toll Free Number 1-800-1-888-6268.

 


 

Can I request for a new Financial Sales Associate?

A policyowner whose original agent has left the company will be assigned a new Financial Sales Associate. However, a policyowner can also request for a new Financial Sales Associate by sending Manulife a written request naming the new or preferred Financial Sales Associate and the reason for requesting the change.

 


 

How do I transfer the ownership of my plan policy?

The ownership of a certain plan policy can be transferred to another person or company.

These are the requirements:

  1. Signed Transfer of Ownership Form
  2. Copy of ID both of the old and new owner
  3. Applicable processing fee
  4. Plan Application Form*
  5. Original plan contract
  6. Non-medical Form*  (for ages 51-above)

*Forms may be secured through your Servicing Agent or Financial Sales Associate. Those are also available at the Head Office or any Branch Office.

 


 

 What are the requirements if I want to apply for a loan against my policy?

The policyowner of a permanent policy that earns cash value beginning on the end of the second or third policy year, depending on the insurance plan and the insured's age when the policy was issued, can avail of a loan. The policyowner may obtain a loan for an amount not exceeding the Total Cash Value.

Below are the requirements in availing of cash loan:

  1. Policy Loan Agreement Form duly signed by the insured/owner, irrevocable beneficiary/ies and assignee if there is/are any.
  2. Copy of latest ID of the policyowner and irrevocable beneficiary.
  3. Policy contract if the amount of loan exceeds Php5,000.
  4. An authorization letter signed by the insured/owner if a check loan will be released through a representative.
  5. A duly certified court order appointing and authorizing the guardian to obtain a loan if the irrevocable beneficiary is a minor.
  6. Special Power of Attorney, if the policyowner is residing abroad, executed and duly authenticated by the Philippine Consulate nearest his place of residence.

 


 

Who can give me an update on the status of my policy?

You Servicing Agent or Financial Sales Associate can provide details of your policy. You may also visit any of our Manulife office or call our Customer Care at 884-7000 or 884-LIFE (5433) or Toll Free Number 1-800-1-888-6268.

You can also send written inquiry through our email address: phcustomercare@manulife.com.

 


 

 

What are the requirements if the designated beneficiary is a minor?

If the designated beneficiary is a minor, the Claimant’s Statement must be accomplished by the appointed trustee or by the court approved guardian and submit any of the applicable legal documents:

1.    Duly Notarized Affidavit of Parental Care & Custody.  This is to be executed by the minor’s father or in his absence, the mother, if the share of the minor does not exceed Php500,000.00.

2.    Duly Notarized Affidavit of Substitute Parental Care & Authority. This is to be executed by the appointed trustee other than the natural parents if the share of the minor does not exceed Php500,000.00.

3.    Letters of Guardianship shall be required if the minor is orphaned on both parents.

4.    Approved Verified Petition for Guardian’s Bond if the appointed trustee is any or both the natural parents if the share of the minor exceeds Php500,000.00.

5.    Trusteeship Bond if the appointed trustee is other than the natural parents if the share of the minor beneficiary exceeds Php500,000.00.

 


 

What are the implications of designating a minor as irrevocable beneficiary?

As previously stated, ALL POLICY CHANGES WILL HAVE TO BEAR THE SIGNATURE OF THE IRREVOCABLE BENEFICIARIES.  The minor has to be represented by his/her legal guardian in performing any transactions pertaining to the policy. The following will be required for any policy change with minor-irrevocable beneficiary:

1.    Duly Notarized Affidavit of Parental Care & Custody. This is to be executed by the minor’s father or in his absence, the mother, if the share of the minor does not exceed Php500,000.00.

2.    Duly Notarized Affidavit of Substitute Parental Care & Authority. This is to be executed by the appointed trustee other than the natural parents if the share of the minor does not exceed Php500,000.00.

3.    Certified True Copy of the Court Order appointing the legal guardian to represent the minor.  A petition in court must be filed if the share of the minor exceeds Php500,000.00.  This is in accordance with Section 180 of the Insurance Code, Article 225 of the Family Code and Section 182 of the Revised Insurance Code.

Section 180 of the Insurance Code, provides that:
In the absence of a judicial guardian, the father, or in the latter’s absence or incapacity, the mother, of any minor, who is an insured or a beneficiary under a contract of life, health, or accident insurance, may exercise, in behalf of said minor, any right under the policy, without the necessity of court authority of the giving of a bond, where the interest of the minor in the particular act involved does not exceed twenty thousand pesos (increased to fifty thousand pesos by virtue of Article 225 of the Family Code.

Article 225 of the Family Code provides that:
The father and the mother shall jointly exercise legal guardianship over the property of their unemancipated common child without the necessity of a court appointment.  In case of a disagreement, the father’s decision shall prevail, unless there is a judicial order to the contrary.

Section 182 of the Revised Insurance Code (R.A. 10607) provides that:
In the absence of a judicial guardian, the father or in the latter's absence or incapacity, the mother, of any minor, who is an Insured or a beneficiary under a contract of life, health, or accident insurance, may exercise, in behalf of said minor, any right under the policy, without necessity of court authority or the giving of a bond, where the interest of the minor in the particular act involved does not exceed Five hundred thousand pesos (P500,000.00).

Where the market value of the property of the annual income of the child exceeds Php500,000.00, the parent of concerned shall be required to furnish a bond in such amount as the court may determine, but not less than ten per centum (10%) of the value of the property or annual income, to guarantee the performance of the obligations prescribed for general guardians.”

 


 

What are the requirements if the policy assigned at the time of death?

If the policy is assigned, the Claimant’s Statement must be accomplished by the assignee together with evidence of outstanding indebtedness of the insured under the Collateral Assignment. If at the time of death, insured has no outstanding indebtedness, submit a duly signed Release of Collateral Assignment by the assignee.

 


 

What are the requirement if insured's death resulted from violent means?

If insured’s death is violent, please submit the following:

1.    Certified true copy of Investigation Report (from NBI or Police)

2.    Statement from Identifying witness, if applicable

3.    Criminal Complaint, if applicable

4.    Fiscal’s Resolution, if applicable

5.    Certified True Copy of Autopsy Report, if applicable

 


 

How will I know if my plan has matured?

Our Company will notify you in writing 30 days before your plan matures.  You will be informed of the requirements for submission.  These requirements are the following:

 For Life Policies:

•    Policy Contract

•    Photocopy of 2 valid IDs

For Plan Policies:

•    Policy Contract

•    Request for Payment of Maturity Benefit Form (for Plans only)

1.    Maturity Benefit Payment Form (Lifestyle)

2.    Maturity Benefit Payment Form (LifeStyle Plus)

3.    Maturity Benefit Payment Form (Other Plans)

4.    Maturity Benefit Payment Form (Value Scholar)

5.    Maturity Benefit Payment Form (Values U)

6.    Maturity Benefit Payment Form (Career Monthly-Semestral)

•    Photocopy of 2 valid IDs

Lifestyle and Lifestyle Plus forms are separated.

 


 

How will I know if I can avail of the educational benefit for my child?

Payment of the educational benefit shall be paid in accordance with the schedule of payment as stated in the contract provision and upon submission of the following:

1.    Policy Contract

2.    Request for Maturity Benefit Payment Form

a.  Maturity Benefit Payment Form (Value Scholar)

b.  Maturity Benefit Payment Form (Values U)

3.    Photocopy of 2 valid IDs

 


 

How do I receive my claim for death benefits?

The death benefit proceeds is issued to the designated beneficiary through crossed check.  The check is released through your Servicing Agent or Financial Sales Associate.
In case you want to claim your check personally, you may come to our Head Office with address at the ground floor of LKG Tower, Ayala Avenue, Makati City and claim your check with the Claims & Settlement Dept.

 


 

How do I receive my claim for living benefits?

The payment of the living benefit is issued to the policy owner of your life insurance policy through crossed check.  The check is released through your Servicing Agent or Financial Sales Associate. 
In case you want to claim your check personally, you may come to our Head Office with address at the Ground floor of LKG Tower, Ayala Avenue, Makati City and claim your check with the Claims & Settlement Dept.

 


 

How do I receive my maturity benefit?

Payment for maturity benefit is issued to the policy owner or the beneficiary through crossed check.  Releasing of check would depend on the instruction made by the claimant through the following:

1.    Course through your Servicing Agent or Financial Sales Associate

2.    Will pick - up personally or through a representative                     

3.    Deposit to your bank account in any Metro Manila branches only

If you opted to authorize a representative to pick up your check, an authorization letter together with your representative's valid identification document will be required.   

 


 

Can I avail of partial advance from the death benefit proceed pending submission of complete claim documents?

Yes, partial advance from the death benefit proceed is allowed subject to the following terms  and conditions:

1.    Policy is incontestable at the time of the policyholder's death

2.    The designated beneficiary is not a minor

3.    The following documents are submitted:

•    Written request from the claimant

•    Duly accomplished Claimant’s Statement-Death Claim form

•    Claimant’s valid Identification Document (ID)

•    NSO authenticated Marriage Contract, if the designated beneficiary is the spouse

For other inquiries about your policy or any of our products and services, you may contact our Call Center through 884-7000 or 884-LIFE (5433) or Toll Free Number 1-800-1-888-6268.   You may also email us at phcustomercare@manulife.com or log on to our website www.manulife.com.ph or visit any of our branch offices