The benefit can be paid in several ways.  For many, there is an immediate need for the entire lump sum to pay for medical expenses and funeral costs.  After the loss of loved ones emotions are high, many beneficiaries choose to avoid making such important decisions in haste.  If instructed, Farm Bureau Insurance will allow you to withdraw as much of the death benefit as you wish and leave the remaining balance with the company under an interest option, with the understanding that you can withdraw the remaining balance at anytime.  The money sits in the account and earns interest until you choose to withdraw it.  The death befit can also be put into an annuity to create an income for the beneficiaries lifetime or for a specific period of time.