death benefit
Policy beneficiary payment
A death benefit is money paid to a beneficiary when the insured person dies, typically from a life insurance policy, pension plan, or employee benefit program.
The term emphasizes the purpose of the payment: The policy's death benefit was two hundred thousand dollars.
Unlike other insurance payouts, death benefits usually pass tax-free to recipients.
- life insuranceContract paying upon death
- policyholderOwner of insurance contract
- payoutMoney distributed to recipient
- term insuranceTime-limited death benefit coverage
- probate lawRules for distributing inheritances
whole life insurance · beneficiary · inheritance tax · heir · estate law · survivor benefits · funeral planning · claims process · insurance payout · double indemnity · executor · annuity · premium · bereavement support · dependent · grief counseling · trust fund · underwriting
- assetsproperty, cash, money, investments, bank accounts
- retirementretirement, retire, retirement age, retirees, retirement income
- payoutspayout, disbursement, dividend, cash prize, reimbursement
- insuranceinsurance, coverage, auto insurance, life insurance, home insurance
- life insuranceterm life, whole life, life insurance, beneficiary, premium
- insurance payoutsclaim, life insurance payout, lump sum, final settlement, indemnity