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1. • • As long as premiums are paid, coverage continues until the end of the term, if applicable, or until your spouse passes away. If your spouse dies during the effective coverage period, a death benefit is paid to the named beneficiary. If your spouse outlives the coverage period of a term plan, the policy expires and benefits are lost.
     www.helpadvisor.com/insurance/what-is-spouse-life-insurance

     What Is Spouse Life Insurance? - HelpAdvisor.com

2. People also ask

   What is a death benefit in life insurance?

   • A death benefit is the money paid to your beneficiaries by the life insurance company after you die. It’s normally a tax-free, one-time payment. How do death benefits work? Death benefits are paid to a life insurance policy’s beneficiary or beneficiaries. Beneficiaries are most often your spouse or partner, children or other loved ones.

   What is a life insurance death benefit? - Canada Life

   www.canadalife.com/insurance/life-insurance/what-is-life-insurance-death-benefit.html

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   How do I claim life insurance if my spouse dies?

   • If you are the beneficiary, contact the life insurance companies to make a claim. A death certificate and other documentation may be needed to validate your claim. The amount of money paid to you, the beneficiary, when your spouse (the insured person) dies is known as the death benefit.

   10 things you need to do when your spouse dies - Sun Life

   www.sunlife.ca/en/tools-and-resources/money-and-finances/managing-your-money/10-things-you-need-to-do-when-your-spouse-dies/

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   What happens to life insurance if someone dies?

   • When someone dies, their death benefit isn’t automatically paid. Their beneficiary must file a claim with the insurer to let them know the insured person has died. The beneficiary will likely be asked for: The beneficiary can contact the OmbudService for Life and Health Insurance (OLHI) if they need help looking for a life insurance policy.

   What is a life insurance death benefit? - Canada Life

   www.canadalife.com/insurance/life-insurance/what-is-life-insurance-death-benefit.html

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   Can I get life insurance if my spouse dies?

   • If so, you may be eligible for group life or accident insurance benefits. These may depend on the cause of death. In addition, there may be retiree life insurance in force. Your spouse may also hold a company pension or other savings plan. This can be paid out by lump sum or monthly payment.

   10 things you need to do when your spouse dies - Sun Life

   www.sunlife.ca/en/tools-and-resources/money-and-finances/managing-your-money/10-things-you-need-to-do-when-your-spouse-dies/

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   Does term life insurance pay a death benefit?

   • Term life insurance pays a death benefit if you die within a specific period. The length of your coverage is either for: If you die within the duration of your policy, your insurer will pay the death benefit to your beneficiaries. Once the term ends, the coverage ends, and your beneficiaries don’t receive any payment.

   Life insurance - Canada.ca

   www.canada.ca/en/financial-consumer-agency/services/insurance/life.html

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   Do life insurance companies pay out death benefits?

   • This depends on the insurance company and the individual circumstances of your claim. Life insurance companies typically pay out the death benefit in a lump sum, but some life insurance companies offer other payment options, too. Let’s go through some of the more common types.

   How Does the Life Insurance Payout Work in Canada? - PolicyMe

   www.policyme.com/blog/life-insurance-beneficiary-rules-and-payouts

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3. www.sunlife.ca › en › insuranceWhat happens when you’re the beneficiary of a life insurance ...

   www.sunlife.ca › en › insurance

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   May 17, 2022 · Beneficiary: Insurance companies call the person (or persons) named on the insurance policy to get the death benefit the beneficiary. People often name their spouse or children as their beneficiaries. Death benefit: Insurance companies call the money they pay when an insured person dies a death benefit.

4. www.canadalife.com › insurance › life-insuranceWhat is a life insurance death benefit? - Canada Life

   www.canadalife.com › insurance › life-insurance

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   Apr 19, 2024 · A death benefit is the money paid to your beneficiaries by the life insurance company after you die. It’s normally a tax-free, one-time payment. How do death benefits work? Beneficiaries. Death benefits are paid to a life insurance policy’s beneficiary or beneficiaries.

5. Videos

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     Death Benefit 101 | Life Insurance Explained

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     forbes.com

     Best Ways To Manage Life Insurance Proceeds After A Spouse Dies

     May 28, 2019

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     investopedia.com

     How Does Life Insurance Work?

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6. www.sunlife.ca › en › tools-and-resources10 things you need to do when your spouse dies - Sun Life

   www.sunlife.ca › en › tools-and-resources

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   • Get legal, tax and financial advice. Settling an estate can require professional help. You may need a lawyer, an accountant and a financial advisor. Those you know and already enjoy working with are the logical choice.
   • Make funeral arrangements. Did your spouse purchase a cemetery plot or make other pre-arrangements? If not, you will need to select a funeral home. If you are unsure of which one to choose, consider asking a loved one to compare options.
   • Apply for government benefits. The Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) pays a lump-sum death benefit of $2,500. You may be eligible for survivor benefits and children’s benefits as well.
   • Contact your spouse’s past and recent employers. Was your spouse employed when they passed? If so, you may be eligible for group life or accident insurance benefits.

7. www.sunlife.ca › life › how-life-insurance-worksHow Does Life Insurance Work In Canada? | Sun Life Canada

   www.sunlife.ca › life › how-life-insurance-works

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   Aug 30, 2024 · Life insurance policies pay a tax-free lump sum to your beneficiaries after you die. How much life insurance do you need? It really depends on your unique situation. The amount of recommended coverage varies from person to person depending on their annual income, debts, net worth, and more.

8. www.canadalife.com › investing-saving › estateFinancially preparing for the death of a spouse - Canada Life

   www.canadalife.com › investing-saving › estate

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   Sep 19, 2023 · If don’t have life insurance, disability insurance or critical illness insurance, work with an advisor to determine what insurance you should have. If you’ll lose use your partner’s health and dental benefits, check your need for individual health and dental insurance.

9. www.policyme.com › blog › life-insurance-beneficiaryHow Does the Life Insurance Payout Work in Canada? - PolicyMe

   www.policyme.com › blog › life-insurance-beneficiary

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   Jul 4, 2024 · The life insurance payout is a tax-free lump sum paid to your beneficiaries in the event that you pass away while your life insurance policy is active. This payout is also called a "death benefit." The death benefit is meant to financially support the policyholder’s loved ones and relieve the financial burden of their passing.

10. www.canada.ca › services › insuranceLife insurance - Canada.ca

    www.canada.ca › services › insurance

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    Permanent life insurance gives you lifetime coverage. Your beneficiaries will get a death benefit if you die while your insurance policy is in effect. Permanent life insurance policies usually build up a cash value. This means you get a cash value back if you cancel your policy.