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Life Insurance
Life insurance covers the life of a person. If they die while the policy is active, the insurer pays out a claim to the named beneficiaries. You can choose any person or entity to be a beneficiary, such as a child, spouse or trust. The payout, or life insurance death benefit, is typically equal to the amount of coverage on the policy. For example, a $500,000 whole life policy will pay out $500,000 to its beneficiaries. If there is no named beneficiary, the payout will go to your estate.
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