In some long-term care policies, a benefit payable to the enrollee's survivors or estate if the enrollee dies before a specified age, often 65 or 70. The benefit amount is a refund of premiums the enrollee paid minus the amount of any benefits the enrollee received while living.
This is the benefit paid from a superannuation fund or RSA when a member dies. Generally the benefit can only be paid to one or more of the member's Dependants and/or the legal personal representative (LPR). If there are no Dependants and no LPR the benefit may be paid to another person who is not a Dependant, often a close relative such as a parent or brother of the member.
Life insurance policy proceeds payable to the beneficiary upon proof of the insured's death. Also available in some annuities. In Account Summary, the total Death Benefit that would be payable if the insured had died on the specified "as of" date. This amount includes the Death Benefit amount(s) of the base policy and any term riders, any dividends, and interest earned. It has been reduced by any outstanding loan, loan interest due, and unpaid premiums due on that date, and, if applicable, amounts accelerated due to terminal or chronic illness. This value includes only the death benefit amount applicable to the insured listed on the statement and not any other insured covered by riders.
A guarantee of payment of the annuity account value or a different, specified amount (i.e., the value of the original lump sum funding payment minus withdrawals) to designated account beneficiaries upon the early death of an annuitant or annuity contract holder, before the deferred annuity or variable annuity is annuitized (before the annuity is converted into systematic payouts). In many variable annuities the value of the death benefit increases over time, and several kinds of death benefits exist: the greater of the value of the current account or the value of the initial funding payment; rising floor, in which the insurance company provides a guaranteed minimum return, regardless of the performance of any annuity subaccounts, on any deposits; Ratchet, the greater of the values of the contract, any payments minus any withdrawals, or the contract on a given date; and Stepped-up, guaranteeing payment of the value of the annuity account as per set anniversary dates (e.g., on a yearly periodic basis).
A death benefit, in the life insurance realm, is a request made to a life insurance company to pay the benefit in the event of the policyholder's death. The death benefit is also known as life insurance claim.
The guarantee that if you should die before you convert your variable annuity into regular income payments (annuitize your contract), your annuity's beneficiaries will receive the higher of the account value or a different amount specified in the deferred annuity (such as the amount you contributed to the annuity, less withdrawals). In many variable annuities, the death benefit can increase over time. The payment the investor's estate or beneficiaries will receive if he or she dies before the annuity matures. There are several types of death benefits with variable annuities, including: Current account value or initial investment (whichever is greater), in which the beneficiary receives the vale of the annuity when the policyholder dies; Rising floor, in which an investment company guarantees a minimum return on premium deposits, regardless of subaccount investment performance; Ratchet, a benefit equal to the greater of (a) the contract value, (b) premium payments less prior withdrawals or (c) the contract value on a specified prior date; and Stepped-up, which guarantees the account value to the beneficiary as of a particular anniversary date (e.g. every 5 years).
This is the dollar amount that will be paid out to a beneficiary when the insured under the policy dies. This amount does not include various adjustments such as late premiums, outstanding policy loans, different death benefit options, collateral assignment(s), paid-up additions or dividends.
With respect to annuities, this provision typically states that if you die before the annuity payments start, the contract value will be paid to your beneficiary. With respect to life insurance, it is the amount payable to the beneficiary under the policy upon the death of the policyholder.
Is the lump sum payment we make to the estate of a deceased member. If you die whilst still employed within the WA Public Sector, and are under 60 years of age, this payment will include an insured component - which is based on the level of insurance cover you hold. The rest of the amount payable depends on your total super benefit at the time of death.
(1) For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies. (2) For an annuity contract, the amount of money paid to a beneficiary if the contract owner dies before the annuity payments begin.
The amount of money paid or due to be paid when a person insured under a life insurance policy dies. This amount does not include adjustments for outstanding policy loans, dividends, paid-up additions, or late premium payments.
A death benefit, in the world of life insurance is the request made to a life insurance company to pay the benefit in the event of the insured's death. The death benefit is also referred to as the life insurance claim.
Under a life insurance policy the amount your beneficiary would be paid if you die while the policy is in effect. The amount is stated in the policy and is paid at face value plus the proceeds from any applicable insurance riders, minus any outstanding loan amounts.
The amount of money paid or due to be paid when a person insured under a life insurance policy dies. This amount is arrived at after the face amount of the policy is adjusted for outstanding policy loans, dividends, paid-up additions, or late premium payments.
The insurance amount stated in the insurance policy. Can be any amount subject to certain specific limitation set forth by the insurance company. Death benefits are payable on the death of the insured and are generally payable to the beneficiary or beneficiaries income tax free. To Top
Amounts received under a life insurance contract and paid by reason of the death of the insured. (Although most death benefits are paid at termination of life, certain plans now pay accelerated death benefits while the insured is still alive, i.e.: an AIDS patient might possibly receive accelerated 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. But the death benefit may be reduced by the amount of any unpaid loans youve taken against the policy. Some retirement plans, including Social Security, also provide a one-time payment to your beneficiary at the time of your death.
The guarantee that if a person should die before they convert their variable annuity into regular income payments, the annuity's beneficiaries will receive the higher of the account value or a different amount specified in the deferred annuity (such as the amount you contributed to the annuity, less withdrawals).