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Settlement Plans
Your policy may provide for Settlement Plan options such as life-long payments, income for a specified number of months or years, or having the company retain the proceeds until your death.
Typical methods of settlement include the following options. Your policy will outline the specific programs available to you.
Life Annuity —an annuity payable monthly to the payee during the lifetime of the payee, ceasing with the last payment due prior to the death of the payee.
Life Annuity with Certain Period —an annuity providing income to the payee for a fixed period (as selected), and for as long thereafter as the payee shall live.
Annuity Certain —an amount payable for the number of years selected which may be from 5 to 30 years.
As a Deposit at Interest —The Company will retain the proceeds while the payee is alive and will pay interest annually thereon at the rate specified in the policy. Upon the payee's death, the amount on deposit will be paid to the named beneficiary.
The type of settlement plan you select should be based on your financial circumstances, and your expectation and tolerance of risk and return. We encourage you to talk with your financial advisor to review each of the options under your policy and the most appropriate options to meet your short and long term financial needs.
If you prefer, you can contact Claims and one of our associates will answer your questions about each option as well as assist you with all aspects of the claim.
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