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âSmallâ term life policies are available with under $50,000 in coverage, but policy amounts can go into the millions. Term life is typically sold in lengths of five, 10, 15, 20, 25 and 30 years. âLevel premiumâ term life means youâre locking in a price for the length of the policy. Typically you will pay a monthly or annual premium to keep the insurance in force. âAnnual renewableâ term life is a one-year policy that renews every year for a higher price.
About How Long Should It Take to Receive Life Insurance Money? In order to receive life insurance funds, you must be named as a beneficiary on a life insurance policy. In most cases, you won't be surprised that you're in line to receive life insurance benefits. This is because you're likely to be the beneficiary on only those policies carried by your spouse or parents. Once the carrier of the policy on which you're named as a beneficiary passes away, you'll need to file a benefits claim with their life insurance carrier. This will require you to adhere to the terms of the policy and fill out a fairly involved set of documents.