Definition of death benefit in English:
The amount paid to a beneficiary upon the death of an insured person. Also called face amount.
- Therefore, the plan allows you to cover your long-term care needs as required, but still leaves the maximum possible amount of your death benefit intact for your dependents.
- That amount (plus, in some policies, interest) is later deducted from the death benefit that goes to beneficiaries when the policyholder dies.
- Term Life Insurance - Term insurance is life insurance coverage that pays a death benefit only if the insured dies within a specified time period.
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Canada
Most popular in Australia