As the beneficiary of a life insurance settlement, it's important to understand that there may be a variety of payout options available to you. Following are a few options to ask the insurance company about.
Receive Interest Payments
If you are not in need of all the life insurance money you're entitled to right away, consider choosing an interest payment plan. Instead of paying you a lump sum of money, the insurance company will pay you interest on the total amount of insurance money that is owed to you over time and until you're ready to cash the full amount of the policy out.