When you purchase a life insurance policy, you are able to name a beneficiary who will receive the payout after your death. This person can be one or more individuals, and they can use the money for a variety of purposes, such as paying bills, covering living expenses, paying off debts, and financing college tuition. Your life insurance company will make payments to the beneficiary you have named on your policy. This individual is referred to as your payee.
You can name multiple payees if you wish. The money can be used to cover a range of expenses, such as paying bills, covering living costs, settling debts, and funding college tuition.
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