The only thing the insurance company can do at this time pays the policy's death benefit to the designated beneficiary.
The selected beneficiary will get the death benefit when the policy owner passes away, thanks to the life insurance company. If no nominated beneficiary is present, the death benefit will be given to the deceased's estate. Normally, the death benefit is handed out within 30 days of receiving death certificate documentation.
Although you can theoretically select anybody or any organization as a beneficiary, the beneficiaries of a life insurance death benefit are typically your partner, children, or other close family members. You will specify how much of the death benefit each beneficiary should get when naming more than one beneficiary.
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