When you pass away, the death benefit of your Life Insurance policy is typically paid out to the beneficiaries you have named. The beneficiaries can use this money to cover funeral expenses, pay off debts, replace lost income, or meet any other financial obligations they may have. The insurance company will require the beneficiaries to submit a claim, along with a certified copy of the death certificate, in order to initiate the payout process. It's important to regularly review and update your beneficiary designations to ensure that the right people are named. If you do not have any named beneficiaries, the death benefit may go to your estate and be distributed according to your will or state law. It's advisable to consult with a financial advisor or an insurance specialist to understand the specific terms and conditions of your Life Insurance policy and to make any necessary adjustments.