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Key takeaways. If your life insurance beneficiary dies before you, the payout may go to a contingent beneficiary or your estate, depending on how you set up the policy.
The life insurance payout process is not complicated, but it does require the beneficiary to make some financial decisions and handle some paperwork. Here is what you need to do: File the claim
A life insurance beneficiary is the person who receives the life insurance payout from your policy when you die. The beneficiary or beneficiaries can typically use this money in any way they see fit.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Set up your life insurance right by understanding the role of contingent beneficiaries.
For beneficiaries to receive the death benefit, a life insurance policy must remain active — meaning premiums need to be paid on time. If a policyholder falls behind on payments and the policy ...
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