1. 429 POINTS
    Rich Haag
    President, Rich Haag & Associates, Inc., Clayton, NC
    The typical payout for life insurance is upon death of the insured. There are several other options available in different policies. The first being accelerated death benefit. This can be paid prior to the insureds death when they have been diagnosed with a terminal illness. In some of the more recent policies there are riders that allow partial payments for qualified long term care situations. You can also find out if your policy can be assigned to a viatical company and you can "sell" your policy to them for a reduced amount based on the life expectancy of the insured. In any of these situations it is beneficial to speak with your life insurance company to determine exactly what the policy language provides.
    Answered on December 18, 2013
  2. 63254 POINTS
    Peggy MacePRO
    CEO and Senior Agent, Outlook Life, Inc, Most of the U.S.
    In addition to the helpful information Rich gave, I might add that permanent policies can pay out when the policy matures or endows. That is when the cash value of the policy equals the face amount of the policy. Also, ROP (return of premium) policies can pay back all the premiums paid in, usually when a term policy ends.
    Answered on December 18, 2013
  3. 4249 POINTS
    Gary LanePRO
    President, Lane Independent Agency, Southern California
    A very important part of Whole Life Insurance is the ability to take money out of your policy, as a "loan", which you may choose to never pay back, if you need the funds for a child's college education, a home down payment, your retirement, or even a car! Gary Lane, Registered Representative, New York Life, 949 797 2424.
    Answered on December 18, 2013
  4. 616 POINTS
    Robert J Russell - Finalist for Broker of the Year 2015
    Broker Owner, InsuranceAgentsSelling.com, United States (Most States)
    Typically after proof of death with a document verifying that there has been a death with the insured's identity. Also this must pass the 2 yr contestibility period as well. Any other questions can be directed to the insurance company or your agent of record who can hopefully give you some guidance on what to expect.
    Answered on March 3, 2016
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