The life insurance death benefit is the amount of money paid to a designated life insurance beneficiary when the insured person dies.
For a term life insurance policy, the death benefit is almost always the same as the face amount. With a permanent life insurance policy, such as whole life insurance, the death benefit is the face value less any loans taken against the cash value.
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ReplyDeleteIts really good to know the exact meaning of life insurance death benefit in case of both the life insurance policy type. All the readers will definitely find this article very useful. Thanks for sharing such a good amount of detail.