Consideration payments and policy benefits
Policy benefits and consideration payments are expected to be applied/paid to policyholders as follows:
Cash consideration will be distributed to the applicable eligible members by our payment agent, PNC Bank. The payment agent will be responsible for sending to each applicable Eligible Member, for each of their policies due cash consideration, a check comprising the portion of the member consideration allocated to such eligible member. It is expected that the payment agent will distribute these checks to eligible members within sixty (60) days after the Closing Date of March 31, 2022.
Policy benefit payments have begun processing and will be complete within sixty (60) days after the closing date of March 31, 2022. Policy benefits will be effective as of the closing date of March 31, 2022, for whole life policies and as of the date that they are credited to the account of the applicable eligible member for other policy types. If a policy of an eligible member lapses or is otherwise terminated after the closing date but before policy benefits are credited to an eligible member, then such eligible member will receive cash consideration. (A confirmation will be sent to policy owners once the policy benefit has been applied to the policy.)