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How Do The Proceeds Get Paid? (SGLI)

Published 08/10/2012 04:02 PM   |    Updated 12/19/2012 03:14 PM
How Do The Proceeds Get Paid?

SGLI proceeds may be paid in one lump sum or in 36 equal monthly payments. You may specify one of these two options on the form SGLV 8286. OSGLI pays the proceeds according to the option you chose. If you do not specify how the proceeds are to be paid, they will be paid to the beneficiary in one lump sum. If the insured member elects a lump sum payment, the beneficiary(ies) will be given the option of receiving the lump sum payment through the the Prudential Alliance Account*, check, or Electronic Funds Transfer (EFT). Beneficiaries who receive a lump sum payment can take advantage of no cost professional financial advice through the Beneficiary Financial Counseling service. You can find more information about BFCS on our Beneficiary Financial Counseling page.

*Alliance is not available for payments less than $5,000, payments to individuals residing outside the United States and its territories, and certain other payments. These will be paid by check.