Definition: The word 'penfed life insurance' refers to a type of life insurance policy in which the beneficiary receives a fixed amount or sum from the insurance company upon death, without requiring any premium payments for the first 5 years after the date of birth. In a penfed policy, the insurance company pays out the entire benefit upon the beneficiary's death. The amount paid is based on a formula that adjusts over time to reflect changes in life expectancy and inflation. The policy can be structured in various ways, such as a lump-sum payout or a deferred payment plan. Penfed policies are often used for families with multiple dependents who want to ensure they receive their fair share of the benefits upon their death. They provide an important financial buffer against unexpected expenses and help alleviate the financial stress that comes with the loss of a loved one.
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