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...