Change to interest credited on group life claim payments
Effective January 1, 2017, Manulife has changed the way we credit interest on group life claim amounts paid to claimants. The change applies to the following types of group insurance products:
- Basic Life
- Optional Life
- Personal Life
- Accidental Death & Dismemberment (AD&D)
Manulife’s service standard is to make a decision on a group life claim within five business days from the date we receive all necessary claim documents. In most cases, we are able to process the claim and make the claim payment within this five-day period. Before January 1, 2017, our administrative practice was to credit interest from the date of death reported on the claim form to the date of payment.
Effective January 1, 2017, Manulife will credit interest from the date we have received all necessary claim documents to the date of payment. We will only credit interest on payments for claims that take longer than 30 calendar days to process.
We have updated our guide on making a life claim. The new guide is now available on the plan member and plan administrator secure sites.