Thomas Jefferson

Someone receiving a large sum of life insurance proceeds all at once could just as easily blow it all in one fell swoop. Some consumers have expressed worry about entrusting a large payout to a young beneficiary or even a spouse who lacks experience managing finances. And, insurance companies have been listening."These customers were concerned that the future needs of their beneficiaries wouldn't be met," said Ben Roth, national sales vice president of Minnesota Life, based in St. Paul, Minn.So, there's now a life insurance option allowing people who buy policies to select installment payments for their death benefit.Known as "installment-payout life insurance" (though Minnesota Life uses the term "income protection agreement" to describe its installment plan), this relatively new product allows the insured to choose how the policy's proceeds will be disbursed. And it may offer a number of advantages.The Money Doesn't Have to Come All at OncePolicyholders can choose a lump sum, equal p...

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