Core life cover

As an OM staff we qualify automatically for core life cover which is 2.4 times annual salary or if you go for medical testing, its 12.5 times annual salary, which amounts to a rather huge amount. Its part of the benefits, you dont pay for it.
I however have not opted for the 12.5 times thing as I know it is a rather contentious issue.
However, if something has to happen, and your family gets this money, what do they do with it?