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The beneficiary is the one that will obtain the payment within your insurance plan. It is possible to title any individual you want – your lover, a member of the family, a dependent, or perhaps a charity.

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A life insurance plan is often a deal between you and an insurance enterprise. In exchange for regular payments, termed premiums, the insurance provider pays out funds When you die. This income goes to the men and women you decide on as life insurance beneficiaries — usually children, a wife or husband or other close relatives.

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