Can you get a life insurance pay out and still be alive.
The answer is yes…
You’ll receive your life cover lump sum benefit if you are diagnosed with a terminal illness. In other words, if your life insurance cover is $1,000,000 you may get this money should you be diagnosed as terminally ill.
Depending on who the insurance provider is, as all insurance policies have different definitions. One insurance providers definition of terminal illness means a sickness or injury that, in the opinion of one specialist approved by the insurance company, is likely to lead to your death within 12 months of the date the insurance company is notified in writing by the approved doctor.
Just imagine the memories you can create for you and your family in those last few months if you had the money.
If you survive, you don’t have to return this benefit.
Suicide: Can you commit suicide and still get your life insurance payout?