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death benefit payout

How to Determine the Death Benefit Payout?

If your loved one passes away, hopefully, you have discussed their life insurance policy and how much money it’s worth. But sometimes, that’s not always the case. The fastest and easiest way to determine the life insurance payout is to check the policy documents. It will say what the death benefit is worth, however, it doesn’t account for fees or other costs that might be deducted. You can also always speak with an agent to determine exactly how much money you will receive and decide how you want to be paid. There are several payout options, including a lump sum, annuity, or a specific income. You can choose whichever best fits your circumstances. 

However, in some cases, death benefits can get denied. This can happen if the life insurance company finds out the policyholder has lied about or withheld information, like health conditions. If the policyholder stopped making their payments, the claim might be denied, but you might qualify for a portion of the benefit. Sometimes you will receive the value of the death benefit minus the amount of money in missed premiums.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.

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2024