What options do beneficiaries have for receiving the policy proceeds?
Beneficiaries will be paid by check or, if proceeds exceed $10,000, the benefit can be deposited into an interest-bearing Standard Secure Access account. In this case, the beneficiary receives a draft/checkbook instead of a check, funds begin earning interest the day the claim is paid and the beneficiary may make withdrawals at any time in amounts of $250 or more. If they wish, they may write a check for the full amount of the benefit and close the SSA account. There are no additional fees for this service.
