Inquiry Routing & Information System (IRIS)
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VGLI How Are The Proceeds Paid?
Published 08/10/2012 03:25 PM | Updated 12/19/2012 03:14 PMHow Are The Proceeds Paid?
The proceeds are paid to the beneficiary either in one lump sum or in 36 equal monthly payments, according to how the insured specified that they were to be paid. If the insured specified that the proceeds were to be paid in one lump sum or did not specify a method of payment, the beneficiary may choose to receive either 36 equal monthly payments or one lump sum. However, if the insured specified that the proceeds were to be paid in 36 equal monthly payments, the beneficiary may not choose to be paid in one lump sum. If the proceeds are to be paid in a lump sum payment, the beneficiary will be given the option of receiving the lump sum payment through the Prudential Alliance Account, by check or Electronic Funds Transfer (EFT). Beneficiaries can take advantage of no-cost, professional financial advice through the Beneficiary Financial Counseling Service (BFCS). Follow this link for more information about BFCS.