A life insurance beneficiary died after receiving only six payments under the policy life income settlement option. The proceeds will be paid to the insured individual's estate happens with the remaining balance of the death proceeds.
What is life insurance beneficiary?
- The individual or organization that you formally name as the recipient of the advantages of your financial products is known as a beneficiary.
- That is the amount that your policy will pay as a death benefit if you have life insurance coverage.
- That is the total value of your assets held in retirement or investment accounts.
- A beneficiary may be an individual, organization, company, or trust.
- If the beneficiary is a person, they can be any individual you happen to know a relative, kid, spouse, friend, or other person.
- It can even designate your "secret lover" as a life insurance beneficiary, as some brokers like to suggest.
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