How long does it take to get the life insurance payout?
The average life insurance payout can take as little as two weeks, up to two months, to receive the death benefit. However, the timeline depends on several factors. If you have an active life insurance policy, the company will pay your beneficiaries when you die.
How is life insurance policy paid out?
Life insurance is a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose.