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What is a life insurance death benefit?

By Doresa Banning on December 12th, 2010

Question: What is a life insurance death benefit?

Answer:

The life insurance death benefit is the amount of money paid to a designated life insurance beneficiary when the insured person dies.

For a term life insurance policy, the death benefit is almost always the same as the face amount. With a permanent life insurance policy, such as whole life insurance, the death benefit is the face value less any loans taken against the cash value.

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