Agent Guide | Short Term Care
ManhattanLife
Methods of Payment - Continued Bank Draft Pay initial and renewal premiums by bank draft A completed Bank Draft Authorization form must accompany the application. If drafting from a checking account, a voided check must be submitted. If the applicant wishes to draft from a savings account, the Bank Draft Authorization form must be filled out in its entirety. If the information provided is incomplete or unclear, Standard Life will require proof of the routing number and account number from the financial institution. NOTE: If the initial EFT is returned non-sufficient funds (NSF), a second attempt will be made on the 5th business day after we are notified by the Bank. If the second attempt is unsuccessful, payment will be called due, the policy will transition to quarterly direct bill mode, and the initial premium will be required to activate the coverage. If the initial premium is drafted successfully and any renewal premiums are returned NSF, a second attempt will be made on the 5th business day after we are notified by the Bank. If the second attempt is unsuccessful, payment will be called due, and the policy will transition to quarterly direct bill mode. Direct Bill • Acceptable forms of payment: • Personal checks • Electronic bill pay (from applicant) • Business check (business owner must be applicant or spouse of applicant) • Employer-paid retiree benefits (“retiree” or “retirement benefits” should be stated on the memo line) The Following Forms of Payment are NOT Acceptable: • Temporary checks • Personal checks from any individual outside of the applicant’s immediate family (immediate family is considered as spouse, parent, child, sibling) • Business check from a business not owned by the applicant or spouse • Third party checks Claims Restoration of Benefits Some policyholders and agents have been confused when reading the policy language related to restoration of benefits. It is important to note and acknowledge that ManhattanLife is administering this benefit as outlined below. • After receiving facility care, or home health care benefits, if the insured has not received any benefits for 180 days, we will restore their benefit period to its original benefit period. • This restoration of benefits is regardless of whether or not the insured has used their entire benefit period. • The insured would still be subject to the lifetime maximum benefit period outlined in the policy.
AGT-STC 0125
22
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