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.
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