When you pass away, the life insurance company pays out the amount of money specified in the policy to your family or whoever you named as the beneficiary. You can choose to receive the money in one lump sum or in installments, similar to a lottery. However, unlike a lottery, life insurance is a worthwhile investment that can provide financial security for your loved ones.
Who Gets the Money from Life Insurance?
When you pass away, life insurance pays out the amount of money specified in the policy to your family or beneficiary. Learn more about how life insurance works and how it can provide financial security for your loved ones.
New Posts
What is the Age Limit for Whole Life Insurance?
Learn about the age limit for whole life insurance and the different types available. Understand customer complaints, pricing, and large exclusions associated with Colonial Penn before making a decision.
Understanding Life Insurance Payouts: Lump Sum vs. Series of Payments
Life insurance is an important part of financial planning, providing financial security for your loved ones in the event of your death. Learn about the two main types of life insurance payouts: lump sum payments and series of payments.
What Happens After a 30-Year Term Life Insurance Policy Expires?
When a term life insurance policy reaches its expiration date, the policyholder no longer needs to take any action. Learn more about what happens after a 30-year term life insurance policy expires and other types of life insurance.
What Happens After a 20 Year Term Life Insurance Policy?
Learn what happens after a 20 year term life insurance policy expires and how to select the right policy for your needs.
