The amount paid to a beneficiary upon the death of an insured person. Also called face amount.
- Therefore, the plan allows you to cover your long-term care needs as required, but still leaves the maximum possible amount of your death benefit intact for your dependents.
- That amount (plus, in some policies, interest) is later deducted from the death benefit that goes to beneficiaries when the policyholder dies.
- Term Life Insurance - Term insurance is life insurance coverage that pays a death benefit only if the insured dies within a specified time period.
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