Effective July 25, 1995, an insured individual who is certified by his/her doctor as terminally ill, as defined in § 870.101, may elect to receive a lump-sum payment of Basic insurance.
Optional insurance is not available for payment as a Living Benefit.
The effective date of a Living Benefit election is the date on which the Living Benefit payment is cashed or deposited. Once an election becomes effective, it can't be revoked. No further election of Living Benefits can be made.
If the insured individual dies before cashing or depositing the Living Benefit payment, the payment must be returned to OFEGLI.
If the insured individual has assigned his/her insurance, he/she cannot elect a Living Benefit; nor can an assignee elect a Living Benefit on behalf of an insured individual.
If an individual has elected a Living Benefit, he/she may assign his/her remaining insurance.
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