Can A Terminally Ill Policyholder Receive Accelerated Benefits?
The SGLI and VGLI programs offer an accelerated benefits option to terminally ill insureds. An insured is considered to be terminally ill if he or she has a written medical prognosis of 9 months or less to live. All terminally ill insureds will be eligible to take up to 50% of their SGLI or VGLI coverage in a lump sum. Many commercial life insurance companies offer accelerated benefits in their policies. Accelerated benefits, paid prior to death, are, of course, not available for payment to survivors. An insured must submit “Servicemember/Veteran Accelerated Benefit Option Form”, SGLV 8284.
The SGLI and VGLI programs offer an accelerated benefits option to terminally ill policyholders. A policyholder is considered to be terminally ill if he or she has a written medical prognosis of 9 months or less to live. All terminally ill policyholders will be eligible to take up to 50% of their SGLI or VGLI coverage in a lump sum. Many commercial life insurance companies offer accelerated benefits in their policies. Accelerated benefits, paid prior to death, are, of course, not available for payment to survivors. A policyholder must submit SGLV 8284, Servicemember/Veteran Accelerated Benefit Option Form.
