Your life insurance policy will have one or more beneficiaries listed as primary. When you die the primary beneficiary(s) file a death claim and send in a certified death certificate.
The insurance company will mail or bank transfer the money to your beneficiary.
If your primary beneficiary died before you did, it will be paid to your secondary beneficiary or to your estate if there is no living beneficiary.
When you die, the life insurance policy will pay the face amount of your policy to your beneficiary. If you have more than one beneficiary, it will be split among them in the percentages you stated in your policy. They can take it in a lump sum, or they can choose to received payments made to them at regular intervals until the death benefit is depleted.
When you die the person you named as the primary beneficiary will contact your insurance company to receive a death claim form. They will need to complete this short form along with a certified copy of the death certificate. Most life insurance companies process a death claim in just a few days unless you die a questionable death that is under investigation. This can slow down a death claim.
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The insurance company will mail or bank transfer the money to your beneficiary.
If your primary beneficiary died before you did, it will be paid to your secondary beneficiary or to your estate if there is no living beneficiary.