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Life claim payment options

As the beneficiary of a life claim, you have several claim payment options. The following payment options may be available. Talk to your advisor about comparing claim options to help you make the most of your income.


   
Settlement Option

Settlement options are choices given to the beneficiary of a life insurance policy regarding the payment of policy proceeds to offer additional flexible options to meet your financial needs.

Life Only

  • Proceeds plus interest* are paid in installments as long as you are living.
  • Payments cease at your death.
  • Frequency of payment can be monthly, quarterly, semi-annual or annual.
  • Method of payment can be check or Electronic Fund Transfer (EFT).

Life with Ten Years Guaranteed

  • Proceeds plus interest* are paid in installments as long as you are living.
  • If you die within 10 years after payments start, we will continue payment to your beneficiary for the balance of the ten year period.
  • Frequency of payment can be monthly, quarterly, semi-annual or annual.
  • Method of payment can be check or Electronic Fund Transfer (EFT).

Refund Annuity

  • Proceeds plus interest* are paid in installments based on your life expectancy.  Payments will continue as long as you are living
  • If you pass away before receiving payments equaling the original amount of the contract, we will continue payment to your beneficiary until the total payment to you and your beneficiary equals the original amount of the contract.
  • Frequency of payment can be monthly, quarterly, semi-annual or annual.
  • Method of payment can be check or Electronic Fund Transfer (EFT).

Period Certain

  • Equal installments are paid for any number of years you select (1-30), so that the proceeds plus interest* are exhausted with the last payment.
  • If you pass away before receiving all of the death benefit, we will continue payment to your beneficiary until the original amount plus interest* has been paid out.
  • Frequency of payment can be monthly, quarterly, semi-annual or annual.
  • Method of payment can be check or Electronic Fund Transfer (EFT).

Amount Certain

  • Payments are made in equal installments of an amount you select until the proceeds plus interest* are exhausted.
  • If you pass away before receiving all of the death benefit, we will continue payment to your beneficiary until the original amount plus interest* has been paid out.
  • Frequency of payment can be monthly, quarterly, semi-annual or annual.
  • Method of payment can be check or Electronic Fund Transfer (EFT).

*The interest rate paid on any settlement option will be the greater of the rate stated in the policy or Lincoln’s declared rate.
 

Lump Sum
  • One single check
  • Electronic Funds Transfer (EFT) – A voided check is required. The proceeds will be deposited directly into your account at your financial institution.
SecureLine
  • This is a service offered to help you manage proceeds. SecureLine® is an interest-bearing account with check-writing privileges.
  • An account is established from the proceeds payable on a policy.
  • It is only available for payments $50,000 or greater.
  • It is not available in New York.
   
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Life Settlement Options Summary

Use this summary to compare additional flexible options to meet your financial needs.

View summary (PDF)