MMC Benefits Handbook
Accelerated Benefit Option
The Basic Life Insurance Plan contains an Accelerated Benefit Option for employees. If you are certified by a medical physician to have a life expectancy of six months or less and you are not expected to recover, you may receive an "advance" (subject to certain maximum limitations) against life insurance proceeds payable at the time of your death. Currently, the maximum is 80% of the benefit payable, but no more than $500,000. Payment is made in a lump sum. Any payment made in advance will be deducted from the death benefit when you die.
The Accelerated Benefit Option is payable as long as you are eligible to receive this benefit and are not subject to any of the exclusions described below.
How do I file an Accelerated Benefit Option claim?
A certified claim form must be completed by your physician showing proof of your terminal illness. You can obtain an Accelerated Benefit Option claim form by going to Colleague Connect ( Click Pay & Benefits, under Find a document, select Search all documents.
The Claims Administrator must then approve your request to receive an accelerated benefit.
Are there limitations to the Accelerated Benefit Option?
There are exclusions that would prevent you from claiming an accelerated benefit under the Plan. The accelerated benefit will not be paid to you if:
  • you have assigned your benefit, or
  • the amount of your life or death benefit is less than $10,000.