LIFE INSURANCE AVAILS Meaning and
Definition
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Life insurance avails refer to the proceeds or benefits that are paid out upon the death of the insured person. Life insurance is a contract between an individual and an insurance company, where the insured person pays premiums in exchange for financial protection in the event of their death. The avails, also known as the death benefit or the face amount, are the sum of money that is given to the designated beneficiaries upon the insured's passing.
The beneficiaries of the life insurance policy can be specified by the policyholder and typically include family members, dependents, or other loved ones. The avails are intended to provide financial support and security to the beneficiaries, helping them cover various expenses such as funeral costs, outstanding debts, mortgage payments, education expenses, or ongoing living expenses.
The amount of life insurance avails is determined by the policyholder when purchasing the policy and is based on factors such as the insured person's age, health, lifestyle, and income. It is crucial for individuals to carefully assess their financial needs when deciding on the amount of coverage they require. The avails can be paid out as a lump sum or in installments, depending on the policy terms and the preferences of the beneficiaries.
Life insurance avails play a vital role in providing peace of mind and financial security to individuals and their families, ensuring that loved ones are protected and supported in the event of the insured person's death.
Common Misspellings for LIFE INSURANCE AVAILS
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