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Lump Sum Payout - This life insurance payout is a payout of the full amount of your policy and is the most common payout option.
Retained Asset Account - You may have the option of keeping your payout in an interest-bearing account with your life insurance company.
Life Income Payout - This option allows you to covert your life insurance payout into an annuity, which guarantees payments for the rest of your life.
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"Which Life Insurance Payout Option Should You Choose?" forbes.com Nov. 12, 2020.