Quote:
Originally Posted by KC911
Sooo... this check with 6 zeros... does that include cents  ? Suppose one could (and did) write a check for $1M ... what's the typical payout to the beneficiary?
I don't know why I ask tho'  |
The payout is the face amount. What a $1 million check will buy you depends on your age and health. A healthy non-smoker 63 yr old male can get around $1.9 million face amount for a one time payment of $1 million. That's a pretty fat tax-free profit for the beneficiary. Obviously, the insurance company is expecting you to live long enough for them to turn a profit. With the law of large numbers, they're gonna come out just fine.