From MasonFinance.com…..
The most important aspect to having life insurance is to protect the policy beneficiaries (such as family members or loved ones) when the insured passes away.
How does a life insurance payout work?
Life insurance benefits are provided to a policy’s beneficiaries when the policyholder dies. Recipients usually need to file a death claim with the insurance company by submitting a copy of the death certificate. Insurance companies then review the claim and issue the payout.
If you are one of several beneficiaries, the policy will dictate how much of the life insurance proceeds you receive.
If you are the sole beneficiary, then you will receive the entire death benefit outright.
It is important to know the bureaucratic procedures that you must follow to get your money after a loved one passes.
