Death Benefit definition: Copy, customize, and use instantly
Introduction
The term "Death Benefit" refers to the sum of money or financial compensation paid to a designated beneficiary upon the death of an insured individual, pension plan participant, or policyholder. It is a critical component of life insurance policies, pension plans, and employee benefit schemes, ensuring financial security for dependents, heirs, or other beneficiaries. The structure, conditions, and payment terms of a death benefit vary based on the policy agreement, governing regulations, and contractual obligations.
Below are various examples of how "Death Benefit" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Death Benefit" under a life insurance policy
This definition ties "Death Benefit" to life insurance coverage.
"Death Benefit" means the sum payable to the designated beneficiary upon the insured’s death, as specified in the applicable life insurance policy.
Definition of "Death Benefit" in an annuity contract
This definition connects "Death Benefit" to annuity payouts.
"Death Benefit" refers to the amount payable to a named beneficiary under an annuity contract upon the annuitant’s death, subject to contract terms.
Definition of "Death Benefit" in an employer-sponsored retirement plan
This definition links "Death Benefit" to pension distributions.
"Death Benefit" means the financial payment made to the surviving beneficiary of a pension or retirement plan participant upon their death.
Definition of "Death Benefit" in accidental death and dismemberment insurance
This definition applies "Death Benefit" to accidental coverage.
"Death Benefit" refers to the lump sum payment issued to the policyholder’s beneficiary if the insured’s death results from a covered accident.
Definition of "Death Benefit" under a workers' compensation policy
This definition ties "Death Benefit" to workplace injury compensation.
"Death Benefit" means the statutory compensation payable to the surviving dependents of a deceased employee whose death resulted from a work-related injury or illness.
Definition of "Death Benefit" in key person insurance
This definition connects "Death Benefit" to business protection.
"Death Benefit" refers to the sum paid to a company upon the death of a key employee or executive, as provided under a key person insurance policy.
Definition of "Death Benefit" in estate planning
This definition links "Death Benefit" to estate settlements.
"Death Benefit" means the amount distributed to an individual’s estate or named beneficiaries upon their death under an applicable policy or trust.
Definition of "Death Benefit" in military survivor benefits
This definition applies "Death Benefit" to military compensation.
"Death Benefit" refers to the financial support provided to the family of a deceased service member under a military survivor benefit program.
Definition of "Death Benefit" in social security survivor benefits
This definition ties "Death Benefit" to government assistance.
"Death Benefit" means the financial payment issued to eligible survivors under a government-run social security program following the death of a contributor.
Definition of "Death Benefit" in deferred compensation plans
This definition connects "Death Benefit" to employer-sponsored financial planning.
"Death Benefit" refers to the portion of a deferred compensation plan that is payable to a designated beneficiary in the event of the participant’s death.
Definition of "Death Benefit" in life insurance policies
This definition ties "Death Benefit" to life insurance payouts.
"Death Benefit" means the sum of money paid to the designated beneficiaries of a life insurance policy upon the insured's death.
Definition of "Death Benefit" in annuity contracts
This definition connects "Death Benefit" to annuities.
"Death Benefit" refers to the payment made to a beneficiary under an annuity contract upon the death of the annuitant, based on contract terms.
Definition of "Death Benefit" in pension plans
This definition applies "Death Benefit" to retirement benefits.
"Death Benefit" means the amount payable to a pension plan participant’s designated beneficiary upon the participant’s death.
Definition of "Death Benefit" in employee compensation packages
This definition ties "Death Benefit" to employer-sponsored plans.
"Death Benefit" refers to a payment made to an employee’s family or designated beneficiary under an employer-provided benefit plan upon the employee’s death.
Definition of "Death Benefit" in accidental death and dismemberment insurance
This definition connects "Death Benefit" to accidental death coverage.
"Death Benefit" means the sum payable to beneficiaries if the insured dies due to an accident, as specified in an accidental death and dismemberment insurance policy.
Definition of "Death Benefit" in social security systems
This definition links "Death Benefit" to government benefits.
"Death Benefit" refers to a one-time or recurring payment provided by a government program, such as Social Security, to survivors of a deceased individual.
Definition of "Death Benefit" in long-term care insurance
This definition applies "Death Benefit" to long-term care policies.
"Death Benefit" means the remaining policy value payable to beneficiaries if the insured passes away while covered under a long-term care insurance policy.
Definition of "Death Benefit" in funeral expense coverage
This definition ties "Death Benefit" to burial expenses.
"Death Benefit" refers to the portion of an insurance payout specifically allocated to cover funeral and burial costs.
Definition of "Death Benefit" in mortgage protection insurance
This definition connects "Death Benefit" to mortgage policies.
"Death Benefit" means the sum paid to cover an outstanding mortgage balance if the policyholder dies during the mortgage term.
Definition of "Death Benefit" in disability insurance policies
This definition links "Death Benefit" to disability insurance.
"Death Benefit" refers to the amount payable to beneficiaries if a covered individual dies while receiving disability benefits.
Definition of "Death Benefit" in credit life insurance
This definition applies "Death Benefit" to loan repayment protection.
"Death Benefit" means the amount used to pay off a borrower’s outstanding debt if they pass away while covered under a credit life insurance policy.
Definition of "Death Benefit" in group life insurance policies
This definition ties "Death Benefit" to employer-sponsored life coverage.
"Death Benefit" refers to the insurance payout made to the beneficiaries of an employee covered under a group life insurance policy.
Definition of "Death Benefit" in workers' compensation insurance
This definition connects "Death Benefit" to workplace injury compensation.
"Death Benefit" means the financial compensation provided to the surviving dependents of a worker who dies due to a work-related injury or illness.
Definition of "Death Benefit" in military survivor benefits
This definition links "Death Benefit" to armed forces survivor support.
"Death Benefit" refers to the financial assistance paid to the eligible family members of a deceased military service member.
Definition of "Death Benefit" in estate planning
This definition applies "Death Benefit" to inheritance planning.
"Death Benefit" means the sum paid to beneficiaries from life insurance or other financial instruments as part of an individual’s estate.
Definition of "Death Benefit" in key person insurance
This definition ties "Death Benefit" to corporate life insurance.
"Death Benefit" refers to the payout received by a business upon the death of a key employee or executive under a key person insurance policy.
Definition of "Death Benefit" in supplemental life insurance
This definition connects "Death Benefit" to voluntary insurance policies.
"Death Benefit" means the payout from an optional life insurance policy that an individual purchases in addition to employer-provided coverage.
Definition of "Death Benefit" in dependent life insurance
This definition links "Death Benefit" to family insurance policies.
"Death Benefit" refers to the sum paid to a policyholder upon the death of a covered dependent, such as a spouse or child.
Definition of "Death Benefit" in structured settlements
This definition applies "Death Benefit" to legal financial settlements.
"Death Benefit" means the remaining payments due to a beneficiary under a structured settlement agreement if the original recipient dies.
Definition of "Death Benefit" in charitable giving policies
This definition ties "Death Benefit" to charitable donations.
"Death Benefit" refers to the insurance payout designated to a nonprofit organization as the beneficiary under a charitable giving life insurance policy.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.