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How do life insurance polices pay out?
How do life insurance polices pay out? I have a term life insurance policy that pays out 500k if I die. Let’s say that I die tomorrow. Does the insurer just cut a 500k check to my benefactor? My partner is an only child, only remaining family member. Their father has a whole life policy. When he passes, does the provider cut a check? Or is it all a slow payout type of thing?
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