MANAGEMENT

Detailed explanation-1: -Definition: In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy.

Detailed explanation-2: -What is a beneficiary? A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die.

Detailed explanation-3: -A beneficiary is who you choose to get the death benefit payout from your insurance policy if there is a claim. Your beneficiaries will also receive any unlocked portion of your Wealth Bonus that’s available at the time of your death. If you don’t add any beneficiaries, your payout will go to your estate.

Detailed explanation-4: -Your beneficiaries will receive a single payment that includes the entire death benefit. Specific income payout. In this scenario, the death benefit will be placed by the insurer into an interest-bearing account, and beneficiaries receive monthly or annual payments of an amount they choose.