Metlife Life Insurance Claim Process
How should you receive the life insurance proceeds?
How should you obtain the life insurance proceeds?
Most people elect this form of payment because it enables them to control how the insurance money is invested or spent. In addition, if you elect to get a lump-sum payment, you will not owe income tax on the life insurance proceeds.
Anothemeansay of receiving the proceeds of a life insurance policy is through a settlement option.
Many types of settlement options are available to a beneficiary who is unable or unwilling to manage a lump amount of cash. Either the policy owner chose the settlement option at the time he or she purchases the policy, or the beneficiary takes the option at the time the benefit becomes payable (unless the policy owner had chosen an irrevocable option). You will determine the available settlement options in the insurance policy.
Note: Some settlement option choices, such as payment as a life annuity, are irreversible. It may be best to choose a lump-sum cash payment, put the money in the bank, and contact a qualified financial advisor.
Anothemeansay of receiving the proceeds of a life insurance policy is through a settlement option.
Many types of settlement options are available to a beneficiary who is unable or unwilling to manage a lump amount of cash. Either the policy owner chose the settlement option at the time he or she purchases the policy, or the beneficiary takes the option at the time the benefit becomes payable (unless the policy owner had chosen an irrevocable option). You will determine the available settlement options in the insurance policy.
Note: Some settlement option choices, such as payment as a life annuity, are irreversible. It may be best to choose a lump-sum cash payment, put the money in the bank, and contact a qualified financial advisor.
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