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Accelerated Benefit Claims
The Accelerated Benefit Option gives terminally-ill SGLI, Family SGLI and VGLI policyholders access to the death benefits of their policies before they die. The member may receive a portion of the face value of the insurance in a lump sum payment.
Eligibility
A member is eligible to receive an Accelerated Benefit if he/she or a covered spouse has a valid written prognosis from a physician of 9 months or less to live.
Only the insured member may apply for an Accelerated Benefit. No one else can apply on the member's behalf. In the case of a terminally ill spouse, only the member may apply for accelerated benefits.
Amount Available
The amount of Accelerated Benefit available to a member is up to 50% of the face value of the member's insurance coverage. If a member elects less than the maximum, the amount requested must be in increments of $5,000.
Remaining Insurance Value
The remaining portion of the face value of insurance which is not paid in a lump sum as an accelerated benefit is payable to the member's designated beneficiary or beneficiaries upon his or her death. In the case of a terminally ill spouse, the remainder of the insurance is payable to the member upon the spouse's death.
How to Apply
- SGLI and VGLI policyholders, use Form 8284, Servicemember/Veteran Accelerated Benefits Option
- Spouses covered under Family SGLI, use Form 8284A, Servicemember Family Coverage Accelerated Benefits Option
The application contains one part to be completed by the insured and a second part to be completed by the insured's physician. In addition, the branch of service for active duty Servicemembers must complete part of the form.
Send the completed application to:
Office of Servicemembers' Group Life Insurance
80 Livingston Avenue
Roseland, NJ 07068-1733
Additional Information
For more information, read chapter 5 of the SGLI VGLI Handbook, or contact OSGLI.
