Published 08/13/2012 07:30 AM |
Updated 02/08/2013 02:05 PM
How Is The TSGLI Benefit Paid?
TSGLI payments will be made by one of the following methods:
Electronic Funds Transfer (EFT)- Under this option, the TSGLI payment is electronically credited to the bank account specified by the Servicemember. This option is available to the Servicemember or the member's guardian or power of attorney.
Lump Sum - Prudential's Alliance Account- An Alliance Account is an interest-bearing draft account established in the member's name with a draft book. The member can write drafts ("checks") for any amount up to the full amount of the proceeds. This gives the member time to make important financial decisions, while their funds are secure and earn continuous interest. There are no monthly service fees or per check charges and additional checks can be ordered at no cost, but fees apply for some special services including returned checks, stop payment orders and copies of statements/checks. Follow this link for answers to frequently asked questions about the Alliance Account.
Lump Sum - Check- Under this option, the Servicemember's guardian or attorney-in-fact will receive a single check on behalf of the Servicemember for the full TSGLI benefit payable. This option is available only to the Servicemember's guardian or power of attorney.