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SGLI How Do The Benefits Get Paid?
Published 08/10/2012 04:04 PM | Updated 12/19/2012 03:14 PMHow Do The Benefits Get Paid?
Once OSGLI receives proof that an insured member has died, it will pay the proper beneficiary the amount for which the member was insured. If you did not designate a beneficiary, the proceeds will be paid in the order of precedence as provided by law. OSGLI will pay the proceeds to the beneficiary either in one lump sum or in 36 equal monthly payments, according to the option you specified. 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, check, or Electronic Funds Transfer (EFT).