Final answer:
Life insurance policies provide monetary payouts to beneficiaries upon the death of the insured individual, offering financial protection for loved ones.
Explanation:
Beneficiaries are the individuals or entities chosen by the policyholder to receive the monetary payout in the event of the policyholder's death in a life insurance policy. They can be family members, friends, or organizations.
Life insurance policies provide a lump sum payment to the beneficiaries upon the death of the insured individual, offering financial protection and security for loved ones left behind.
It's important to carefully select beneficiaries and update them as needed to ensure that the intended individuals or entities receive the benefits.
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