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Individual Benefits

Life Insurance Benefits for the Living Insured

Accelerated Benefits

Also known as “living” benefits, accelerated benefits allow you to be your own beneficiary. There’s a lot of diversity among insurance providers in the percentage of the policy they will offer you. If you take an accelerated benefit, you might want to consider selling the remainder of the policy in a viatical settlement to get the most out of your policy. Our staff at Individual Benefits is here to guide you throughout the process for your convenience.
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Medical Requirements for a Policy Sale

Anyone with a shortened life expectancy could potentially sell a life insurance policy. Whether for multiple sclerosis, lupus, cancer, or any other life-threatening disease, the medical estimates rely on nationwide statistics. That could work in your favor. For instance, if you have cancer and osteoporosis, make it clear when you apply for a settlement. It may statistically work to shorten your life expectancy, thereby improving your settlement options.
Most policies are unique. In principle, you can sell term or permanent coverage in an individual or group policy because they are private property. But in practice, that isn’t always the case.

Federal Employees' Group Life Insurance (FEGLI)

Federal Employees’ Group Life Insurance are good policies because they contain neither suicide nor contestability clauses. FEGLI became assignable in October 1994. Now, you can sell your coverage whether you are working, retired, or on disability. However, some federal employees are unaware of your right to assign your FEGLI coverage. Individual Benefits will contact OPM on your behalf.

Group Association Policies

Policies such as Savings Bank Life Insurance (SBLI), Citicorp, Life Investors (American Express), and other credit card companies are group policies. However, they are good policies because the insured generally has the same ownership rights as they would with an individual policy, but at a lower cost. The lower the premiums for your coverage, the higher the settlement offer.

Group Policies

If the policy allows for an absolute assignment or an irrevocable beneficiary designation, then you can sell your coverage, even if you are still working. If you’re on long-term disability or a waiver of premium, your coverage will be more stable and attractive to a viatical company. Individual Benefits will be happy to examine your coverage and give you some expert advice on proceeding.

Veteran's Group Life Insurance (VGLI) / Serviceman's Group Life Insurance (SGLI)

SGLI and VGLI must undergo a conversion to an individual commercial policy before settling. To convert your coverage, call the SGLI service line at 1-800-419-1473 and request your conversion papers.