Death benefit

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Death Benefit

In life insurance and annuities, the amount of money that is paid to the policyholder's survivor(s) upon the policyholder's death. That is, the amount may be a lump sum determined at the outset of the policy or annuity that is paid when the policyholder dies, or it may be a monthly payment that begins to be paid when the policyholder passes away and remains payable until the survivor's death. The former death benefit is more common in life insurance and the latter is more common in annuities.

Death benefit.

A death benefit is money your beneficiary collects from your life insurance policy if you die while the policy is still in force.

In most cases, the beneficiary receives the face value of the policy as a lump sum. However, the death benefit is reduced by the amount of any unpaid loans you've taken against the policy.

Some retirement plans, including Social Security, also provide a one-time death benefit to your beneficiary at the time of your death.

References in periodicals archive ?
The amount payable will just be deducted from the death benefit that should go to the beneficiaries.
According to her, 'it is equally important to point out that the sum of N1.5 billion has been released by the Ministry of finance for payment of some of the backlog of death benefits for the period not covered by insurance policy.
Ano said that barangay officials who died during their term of office are covered by death benefit claims nationwide, pursuant to Executive Order No.
Detectives allege Crabtree fraudulently received over $550,000 from an insurance payment, before allegedly attempting to receive another $125,000 death benefit and $238,000 permanent disability claim.
Meanwhile, the amount of death benefits for survivors will depend on the members paid contributions and CYS.
Of course, the need for death benefit must be established first and foremost, along with other savings vehicles such as 401(k)s and/or other qualified planning opportunities are ordinarily maximized before considering additional savings vehicles, such as cash value life insurance.
-Group life insurance policy covering the period during which the deceased died, did not provide for accidental death benefit Impugned order was therefore, not sustainable in the eye of the law and was set aside.
Many carriers will only offer the option of purchasing additional death benefits when the contract is issued (although the benefits can usually be cancelled at any time).
Life insurance contracts vary in terms of benefits and features, amount of death benefit, and crediting methods with respect to cash value.
Like now, any lump sum death benefit paid from uncrystallised rights on death before age 75 will continue to be tax free (as long as the lump sum falls within the deceased's available lifetime allowance).
But did the second Virginia law prevail, allowing Jacqueline to ultimately collect the death benefits from Judy?
The agency explained legal separation only eliminates the requirement that a participant obtain spousal consent to waive the spousal death benefit and name another beneficiary.