§ 870.1101 Eligibility for a Living Benefit

5 CFR 870.1101(a)(a) 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.

5 CFR 870.1101(b)(b) Optional insurance is not available for payment as a Living Benefit.

5 CFR 870.1101(c)(1)(c)(1) 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.

5 CFR 870.1101(c)(2)(2) If the insured individual dies before cashing or depositing the Living Benefit payment, the payment must be returned to OFEGLI.

5 CFR 870.1101(d)(d) 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.

5 CFR 870.1101(e)(e) If an individual has elected a Living Benefit, he/she may assign his/her remaining insurance.