While life insurance is a heavy topic for any family to discuss, it is an inevitable conversation that will need to happen. Life insurance is self-explanatory on the surface, but like any other type of insurance, there are a lot of different under-the-rug nuances that you will need to look at if you are to choose the best life insurance policy for you. At Absolute Best Insurance, located in Palm Beach County, Florida, we are here to help go through the ins-and-outs of your policy to ensure you get the most significant life insurance payout possible.
How Does My Life Insurance Payout Work?
For many, when death rears its ugly head, money and financial issues take a back seat, rightfully so, as a family member’s death is always a tragic event. During these times, our health insurance agency is here to help your life insurance policy go through all the legal hoops so that you can focus on what is essential. When it comes to life insurance payouts, there are three ways in which you can receive your money:
- Lump-Sum – This is the most popular way to receive your payout. The insurance company will give you the appropriate amount of money you are entitled to as soon as your policy clears all standard protocols.
- Payment Installments over Time – This option allows you to let the insurance company hold on to your money and pay you in timely installments. These installments can be monthly or yearly, and some companies even offer a lifetime plan. If you are not the best at managing your finances, this may be a viable option for you.
- Interest – The unconventional interest option is when you let the insurance company take your life insurance payout and invest it for you. This is a riskier option as you will be letting someone else control your investments.
About Absolute Best Insurance
Absolute Best Insurance was established in 2010 and has been working with the Palm Beach locals ever since. Our health insurance agency works directly with the consumer and insurance agents to maintain high-quality customer service. You can review our direct-to-consumer blogs on our website as well as blogs uploaded by our staff agents on the agent portals. With more than seventy agents in our company, we come equipped with years of experience dealing with life insurance policies. We mainly work with Medicare, routinely dealing with Medicare plan supplements, and Medicare advantage plans, among others. While we can take agents anywhere, we are locally focused here in Palm Beach County.
What You Need to Know About Life Insurance
- Most life insurance policies are reviewed within thirty days (check your state law), and if there are no discrepancies, payout usually comes within sixty days. However, if your policy was filled out incorrectly, your health insurance agency may contact you for additional information.
- To combat fraud, companies have put a policy in place known as the two-year contestability period. If your family member has passed within two years of obtaining life insurance, you most likely will not be able to collect your payout.
- If you take the lump sum option for your payout, you will not have to pay income taxes on it; however, be wary as the government invokes an estate tax that can be rather large at times.
If you live in Palm Beach County and are ready to get started on your life insurance policy, we at Absolute Best Insurance are here to help you get the most prominent life insurance payout possible. Visit our website or call us today at (561) 420-0280 to get started.