Common use of Life Insurance Benefit Clause in Contracts

Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured while this policy is in force. Subject to the terms and conditions of the policy: - payment of the death proceeds will be made after proof of the death of the Insured is received at the Home Office; and - payment will be made to the beneficiary or other payee under Section 10. The amount of the death proceeds will be: - the death benefit (Section 3.1); less - the amount of any policy debt (Section 9.3); less - any Monthly Policy Charges due and unpaid if the Insured dies during the grace period (Section 4.5). These amounts will be determined as of the date of death. The Company will pay interest on the death proceeds from the date of death until the proceeds are withdrawn in cash. Interest will be at a rate of not less than 2%, or at any higher rate required by state law.