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life insurance payment options

life insurance payment options

Option Straight Life Settlement - Life Insurance - PLEASE HELP?

I already asked this question a few times today, so I am now being displayed in a different category - perhaps I can get a reply less confusing as I'm already a little confused. I just read in my study guide that examination: Payment Options: Payment straight Duration Option ceases upon the death of the beneficiary (the one being paid - I guess) Here is the confusing part. No payment is made the beneficiary. So who is the beneficiary if the beneficiary? The questions I asked are specific. Assuming that the insured died and the owner of the policy was insured. both dead. So who are the payer and the recipient? At no time, beneficiaries do not pay. Thus, the beneficiary may be a beneficiary, even if it was called - and I think we should not even be nominated if they are not paid Gettting anyway. What am I missing? And yet ... which are the payer and the beneficiary assuming that the contract holder and the insured are the same person?

In simple terms, say you have a policy of life right on you and that you designate your spouse as beneficiary (beneficiary). If the beneficiary (your spouse) dies, it the end of the obligation of the insurance company to make payments. Thus, if your spouse dies before you cancel the insurance you may not be able to designate an alternate (some fonts you can do that). Unless your beneficiary is alive, payments will continue (unless terminated by death or maximum amount payable on the insurance).