life insurance payout
Posthumous policy proceeds
A life insurance payout is the money paid to beneficiaries when the insured person dies.
The payout, also called the death benefit, goes to whoever the policyholder named—typically a spouse, children, or other dependents.
The life insurance payout helped cover the mortgage after he died.
Payouts are generally tax-free to recipients.
- death benefitPayment upon policyholder's passing
- double indemnityInsurance provision doubling payment
- beneficiaryDesignated asset receiver
- next of kinNearest living family members
- claimStatement of ownership or truth
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- insurance payoutsclaim, death benefit, lump sum, final settlement, indemnity
- tax-free incometax-free income, non-taxable income, non-taxable, tax-exempt, Roth IRA
- accident claimsaccident claim, car accident claim, damage claim, injury claim, liability claim
- inheritanceinheritance, inheritances, heir, heirs, heiress
life insurance payoutannuity
Periodic fixed payment
pension · retirement income · monthly stipend · periodic payments · social security benefits
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