Servicemembers' and Veterans' Group Life Insurance Accelerated Death Benefits Act

Summary

Servicemembers' and Veterans' Group Life Insurance Accelerated Death Benefits Act - Requires the Department of Veterans Affairs to prescribe regulations under which any terminally ill person insured under either Servicemembers' Group Life Insurance or Veterans' Group Life Insurance may elect to receive in a lump-sum payment a portion of the face value of such insurance as an accelerated death benefit, reduced by an amount necessary to ensure that there is no increase in the actuarial value of the benefit paid. Prohibits any benefit so paid from exceeding 50 percent of the face value of the person's insurance in force on the date of such election. Requires any portion unpaid to be payable upon the actual death of the individual. Defines a person as "terminally ill" if such person has a medical prognosis of a life expectancy of less than a period prescribed by the Secretary of Veterans Affairs, but in no case longer than 12 months. Makes irrevocable the election to receive such early benefit.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 May 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 May 1998

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• Introduced in Senate

  summary · EN · 21 May 1998

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