Common use of Death Proceeds Clause in Contracts

Death Proceeds. If the Insured dies, we will pay the death Proceeds to the Beneficiary. We will require proof that the Insured’s death occurred while this contract was in force. We will pay the Proceeds to the Beneficiary in a lump sum unless you or the Beneficiary elect one of the payment options listed in Section 13, Payment of Proceeds. The amount of death Proceeds payable upon the Insured’s death is determined according to the coverage option you have elected. The coverage option is shown in Section 1, Contract Data.

Death Proceeds. If the Insured dies, we will pay the death Proceeds to the Beneficiary. We will require proof that the Insured’s death occurred while this contract was in force. We will pay the Proceeds to the Beneficiary in a lump sum unless you or the Beneficiary elect one of the payment options listed in Section 13, Payment of Proceeds. The amount of death Proceeds payable upon the Insured’s death is determined according to the coverage option Coverage Option you have elected. The coverage option initial Coverage Option is shown in Section 1, Contract Data.