The insurance cover amount is payable to the nominee in case of death of the insured person during the term of the policy. (booninsurance.com)
In this scenario, the beneficiaries will no longer have a share of the proceeds upon death of the insured person. (usacoverage.com)
Upon death of the insured person, this provision allows the death benefit to be paid in one lump sum, in monthly payments, or some other way. (term-life-online.com)