Now is not a good time for me to recieve a death benefit payout. What are my options?

Question

Two to five years may be better timing. because of financial and health problems. The insurance company has been calling going on 7 months now. Can i keep puting them off?

Answer 1

Nope, they'll just file it away, marked "declined", or give it to the contingent beneficiary.

Just take the money, and pay off whomever you owe.  That's the honest, decent thing to do.  If you're worried about losing welfare benefits, well, don't worry.  Hiding money or turning it down to keep welfare benefits - including welfare health insurance - is theft.  Don't be a thief.

Answer 2

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Answer 3

I can't imagine what financial and health problems that could be made worse by receiving a death benefit payout?  perhaps you have creditors that would take the money if you got it.

You should contact an insurance agent/broker for help if possible.  Or see a lawyer or investment adviser.

There could be a limitation to how long you have to collect depending on the policy.

Answer 4

Why would you not?  Life insurance benefits are not taxable.