When people think of life insurance they think of a beneficiary receiving a lump sum of money (the death benefit). But Life Insurance offers other settlement options (the method in which the policy proceeds are paid) and can be setup in advance by the policyowner or left for the beneficiary decide.
While the lump sum payout is the most popular settlement option, there are several others that can be utilized as well depending on the person’s situation. They include: interest earned on the face amount and paid periodically, fixed period, fixed amount, and life income.
Which one you choose is again dependent on your personal situation, but it’s great to know that you have multiple options available to you, and working with an experienced life insurance broker can help you decide.
To learn more about how Life Insurance Offers Beneficiaries Options and to get a free life insurance quote click on the LIFEpdq link now.