If you're slated to get money from someone's life insurance policy, know these important points:
Life insurance benefits are paid tax-free to the beneficiaries, no matter how large the amount is. The
For example, if the policy face value was $1 million but the policy owner took a $50,000 loan from cash value and didn’t pay it back before death, the life insurance payout will be reduced by $50,000 plus any loan interest. The Company Can Only Pay the People Listed as Beneficiaries So even if someone else is arguing that they deserve the money and are going to make a claim, talk like that is inconsequential if they’re not listed on the policy.The life insurance contract outlines each beneficiary’s percent of the payout. It’s possible that you could make a claim and find that you’re one of multiple beneficiaries. So who are the other people? The life insurance company keeps that private.
If a policy owner stopped paying and let a policy lapse, there’s no payout to collect. If the payments stopped recently—for example, because the policy owner was ill in the last month of life—you can likely pay the back premiums and still make the claim.A life insurance company doesn’t necessarily know right away that an insured person has died. If you know you’re a life insurance beneficiary, you should be proactive and contact the company to start a claim.
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