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Life insurance proceeds can be paid in lump sum. In fact, it is the most popular method of paying a death benefit. I base that statement on 32 years of experience in the insurance business. Typically, it is a tax-free benefit although a full-time broker or financial adviser can review additional ramifications.
Money market funds are popular automatic destinations for the initial payment.
You can have your funds deposited in many different options by the insurer, Your adviser is a great resource to review them.
As a Payment: Life Insurance is rarely paid in a lump sum, generally on an automatic monthly draft from the policy owner’s bank checking account. That’s not to say that you can’t pay a single deposit, it’s just not the most popular form of payment. You have other payment options as well such as quarterly, semi-annual and annual premium billing.
As a Claim: Life insurance is paid in a lump sum, but can be paid out on an amortized schedule.
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Money market funds are popular automatic destinations for the initial payment.
You can have your funds deposited in many different options by the insurer, Your adviser is a great resource to review them.
As a Claim: Life insurance is paid in a lump sum, but can be paid out on an amortized schedule.