Life insurance is a great idea for many people, but once you have a family, it is even more important. Having a good life insurance policy in place is the best way to protect your loved ones if something happens to you unexpectedly, and it will also give you peace of mind in the meantime. Here are a few of the biggest reasons you really do need life insurance once you have a family.
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.