18A:66-123 - Options as to payment of death benefits - New Jersey Statutes

18A:66-123.  Options as to payment of death benefits    Any such group policy or policies shall provide that payment of any death benefits which are payable by the insurance company may be made in one sum directly to the beneficiary as hereinafter provided, in equal installments over  a period of years or as a life annuity or in such other manner as may be made  available by the insurance company.  A member may make such arrangements for  settlement, and may alter from time to time during his lifetime any arrangement  previously made, by making written request to the insurance company through the  policyholder.  Upon the death of a member, a beneficiary to whom a benefit is  payable in one sum by the insurance company may likewise arrange for a  settlement as described above. Any arrangement for payment under a group  policy to a beneficiary shall be in lieu of that provided by the sections of  this article establishing the benefits covered under such policy.
 
L.1967, c.271.