Settlement Payment Options for Class Members
Settlement payments have been sent by check to all Class Members, except for current policyholders who have chosen to receive their policy dividends as Paid-Up Additions (to increase coverage amounts), or those who have chosen to leave their dividends to accumulate on deposit with SBLI.
Paid-Up Additions: Any Class Member who is a current policyholder and whose dividends are currently applied to increase the Policy coverage amounts (known as Paid-Up Additions) has received his or her Settlement benefit as Paid-Up Additions unless that Class Member contacted the Settlement Administrator before Settlement payments were made and requested payment in the form of a check. The time for making such a request has now passed. (Any such Class Member whose dividends are currently applied as Paid-Up Additions and who has also opted for additional one-year term insurance will automatically receive his or her dividends by check.)
Accumulations: Any Class Member who has chosen the Policy option of leaving dividends to accumulate on deposit with SBLI has had his or her Settlement payment amount deposited into his or her account. However, those Class Members have the option to withdraw those funds as cash at any time after it has been paid to his or her account without penalty.
