Most life insurance policies provide several options in addition to the beneficiary receiving a single lump sum check, or a checkbook instead of a check. Most provide the beneficiary of a life insurance policy with the right to receive a monthly payment for the rest of your life, or a payment to you and another person for life. Insurance companies offer customers numerous such alternatives because some insureds and beneficiaries prefer monthly payments so that they do not have to manage a large lump sum settlement.