Does a term life insurance policy payout?

Yes, a term life policy pays out a death benefit to the beneficiary of the policy upon the death of the insured person, subject to the terms, conditions and exclusions stated in the insurance contract.

A claim must be made on the policy by the beneficiary after the insured person dies.

The death of the insured must occur while the term life policy is In Force.

Learn more about payouts on term life insurance policies.

A life insurance policy providing term coverage for a specific period of time does not payout a benefit at the end of the policy term.

Term life insurance only pays out a death benefit upon the death of the insured person, if it occurs during the term of the policy, while the life insurance coverage is paid up and In Force.

If you outlive the duration of your term life policy, your coverage expires, with no payout.

Learn more about if life insurance pays out at end of term?

Life insurance policies pay the face amount of coverage out as a death benefit to the beneficiary when the person who is insured by the life insurance policy dies, or when the policy matures.

If the money is paid upon the insured's death, it goes to the beneficiary. If it is paid upon policy maturity, the money goes to the owner of the life insurance policy.

However, life insurance companies have begun offering living benefits from their life insurance products.  

Many life i...

A term life insurance policy will typically only pay out a death benefit if the insured were to pass away before the end date of the policy.

Term life insurance policies are typically sold in ten, fifteen, and twenty year terms which is how long your coverage will last. Remember every policy is different.

Read your life insurance policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over your lif...