Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The death benefit from a life insurance policy is due on the date of death. The company forwards the funds to the beneficiary as soon as the death is confirmed. Depending upon the age of the deceased and the situation surrounding the death, there could be some delays but generally, the company wants to get the money into your hands as quickly as possible.
Life insurance is paid out upon death and you will have to provide a death certificate from the coroners office. There are options on how to receive the death benefit whether it's lump sum or paid out over a period of time. It's best to have this setup in advance so your family will be taken care of. Obviously a death of a loved one is trying during a period of time and this could all be taken care of prior to death.
As the insured or owner, a policy can be surrendered thereofre terminating the policy if there is any cash value in the policy. You may also take out a loan on the policy if there is cash value.
Life Insurance is paid out like stated, upon death. The other way Life Insurance can pay out is from a permanent policy, taking loans and withdrawals of the cash value which has grown. Of course this would have to be with a permanent policy which is funding enough to grow cash value for future use.
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As the insured or owner, a policy can be surrendered thereofre terminating the policy if there is any cash value in the policy. You may also take out a loan on the policy if there is cash value.