• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Unsworth LaPlante is open for in-person meetings! We have taken precautions in our office to ensure the safety and well-being of our clients and staff. To learn more about how Unsworth LaPlante is helping people through the COVID-19 pandemic, click here.

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Webinar
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Elder Law
    • Estate And Gift Tax Figures
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Free Estate Planning Seminars
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate and Gift Tax
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • Top Estate Planning Techniques
  • Webinars
  • Communities We Serve
    • Burlington
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Choosing the Right Insurance Payout Option

Choosing the Right Insurance Payout Option

August 16, 2013 by Stephen Unsworth

Insurance companies pay billions of dollars annually to policyholders for claims, according to the Insurance Information Institute. If you have made an insurance claim, the company may present different payout options. Which should you choose? What should you do with that money?

• A lump sum payout gives you all the funds you are due in one payment.
• Advance payments give you some money for immediate needs, such as food, shelter, and clothing after a natural disaster.
• Partial payments may be provided if the company specifies certain conditions, such as repair work by a qualified contractor.

Life Insurance Death Benefits

If you are filing a death benefit claim under a life insurance policy as a beneficiary, there may be additional options.

• Life Income allows for guaranteed, fixed payments on a monthly basis for the rest of your life. Your age and gender determine how much, and payments will stop when you die.
• Life Income within Certain Period lets you receive a guaranteed portion of the death benefits while you are alive or for a certain time period, whichever is longer.
• Joint and Survivor Life Income gives a guaranteed income amount for you and your beneficiary or beneficiaries, which continue until the last beneficiary dies.
• Interest Income lets you choose for the insurance company to keep the money and pay you interest, with options for withdrawal.
• Specific Income allows you to choose payout options until the death benefit is completely paid.

Before selecting a payout option, think about your financial needs and whether you can satisfy conditions. We can help you think through what is best in terms of your other Estate Planning requirements. Contact Unsworth LaPlante, PLLC in Vermont for assistance.

  • Author
  • Recent Posts
Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
Latest posts by Stephen Unsworth (see all)
  • Do You Still Control Property in a Living Trust? - March 31, 2021
  • Can You Change a Trust? - March 22, 2021
  • What Is a Testamentary Trust? - March 10, 2021

Filed Under: General

Other Articles You May Find Useful

probate
Five Things to Know About Probate
Burlington Elder Law Attorneys
Estate Planning Considerations for a Second Marriage
Burlington Medicaid Attorneys
How Many People Rely on Medicaid?
durable power of attorney
What if Your Power of Attorney Isn’t Durable?
Vermont inheritance laws
Vermont Inheritance Laws for Minor Children
Asset protection strategies
What are Some of the Top Asset Protection Strategies?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2021 American Academy of Estate Planning Attorneys, Inc.