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| Member Servicemembers' Group Life Insurance Beneficiary Payment Option | | Description | Member Servicemembers' Group Life Insurance (SGLI) Beneficiary Payment Option is the method by which a designated beneficiary receives an SGLI payment.
Usage
Member Servicemembers' Group Life Insurance (SGLI) Beneficiary Payment Option is used to document the insured person's beneficiary payment designation of one lump sum payment or as thirty-six equal monthly installments. If the insured person elects a lump-sum payment, the beneficiary will receive the funds through an Alliance Account. An Alliance Account is an interest bearing draft account with an account book similar to a checking account. Insurance proceeds are deposited in the beneficiary's name and the beneficiary can write drafts for any amount up to the full amount of the proceeds. | |
| Permitted Values | One Lump Sum Payment
Thirty-Six Monthly Payments | |
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| Personally Identifiable Information Requirements Apply | | NO | |
| Standard Context | | Compensation and Reimbursements | |