Settlement Options for Insurance Policies
With variable life insurance, the insured can choose how the beneficiary will be paid upon his death. Here are some of the possibilities:
• Lump sum—the entire amount is paid upon death
• Fixed amount—the amount is put into an interest bearing account, and the beneficiary receives a fixed amount over regular increments of time until the amount runs out
• Fixed period—the amount is put into an interest-bearing account, and the beneficiary re