Life Beneficiary

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Life Beneficiary

A person designated in will to receive a certain asset or instrument for the remainder of his/her life. For example, in a will, a farmer may grant ownership of his farm to his children, but they may not take possession of it while their mother is alive. In this situation, the mother is the life beneficiary and has the right to live in the farm house for the rest of her life.
References in periodicals archive ?
"Most disturbing is a substantiated complaint that defendant had herself and her son named as life beneficiaries on a deceased client's life insurance policy."
Specifically, he explained, in 2006, almost $21 billion in death benefits were paid to group life beneficiaries, which represented about 37% of all death payments.