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Can a Terminally Ill Policyholder Receive Part of the Proceeds While Still Living?

Yes, critically injured or ill policyholders are entitled to receive the both SGLI and VGLI programs which are an accelerated benefit option. The policyholder is given the title ‘critically ill or injured’ only when he is declared by the doctors that he has less than nine months to live, and this declaration must be in written form. The critically injured policymaker can withdraw half of his SGLI and VGLI coverage in a lump sum. This accelerated benefit coverage is provided by many insurance companies. This accelerated benefit, which is only for the policyholder who are about to die, is of course not available for the surviving members. The policyholder should also submit SGLV 8284, Service member/Veteran Accelerated Benefit Option Form.

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