IQVIA Benefits Handbook
ACCELERATED BENEFIT
If you or a covered dependent are terminally ill (meaning 12 or fewer months to live, as determined by a licensed physician while covered by the plan), the terminally ill person may elect to have up to 80% of his or her life insurance benefit (to a maximum of $250,000) paid in a single lump sum. Upon death, the remaining benefit is paid to the beneficiary on record.
Receiving an accelerated benefit is subject to all of the following:
  • It must be requested in writing, on a form acceptable to Lincoln.
  • The individual must be terminally ill at the time the accelerated benefit payment is to be made.
  • A physician must certify, in writing, that the individual is terminally ill and that his or her life expectancy has been reduced to less than 12 months.
  • The physician's certification must be deemed satisfactory to Lincoln.
Any premium payments you are required to make must continue to be paid until you qualify to have your premium waived, as described in "Continuation of Coverage during Disability."
If you have assigned your rights under the plan to an assignee or made an irrevocable beneficiary designation, Lincoln must receive consent, in writing, that the assignee or irrevocable beneficiary has agreed to the Accelerated Benefit payment on your behalf in a form acceptable to Lincoln before benefits are payable.
If you or a covered dependent elect to receive an accelerated benefit under the Life Insurance Plan, your remaining life insurance coverage will be affected as follows:
  • Any death benefit payable under the Life Insurance Plan will be reduced by the amount received as an accelerated benefit.
  • Any life insurance coverage that would be continued under a disability continuation provision (or that may be available under the conversion privilege) will be reduced by the amount received as an accelerated benefit. The remaining life insurance amount will be paid according to the terms and conditions applied to other payments under the Life Insurance Plan.
Any accelerated benefit that is payable may be taxable to the recipient. Consult a tax or financial advisor before taking advantage of this feature.