Definition of death benefit
: money payable to the beneficiary of a deceased
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Recent Examples of death benefit from the Web
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In another case involving his 71-year-old uncle, who was living in a nursing home, Menconi converted a death benefit into $174,000 in payments for his uncle’s care, but spent only $52,000 on his uncle, withdrawing the rest.
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Understand that most life insurance never pays out as a death benefit because the insured outlives the policy.
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But now, three years earlier than that, the company is telling this grandmother the cash value of her policy will dwindle away to nothing later this year, and the death benefit will be gone, too.
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Arnold claims Simmons would do just about anything for money, including a despicable crime: cashing her granddaughter's monthly death benefit check from the government despite never having custody of her.
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In most cases, this type of product will hide the true cost by mixing it with a death benefit.
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There will also be a budget of $1 million used to create a permanent memorial at Douglas High School as well as $225,000 to cover the death benefits of three school staff members that lost their lives in the Feb. 14 shooting.
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One policy had a $10 million death benefit, paying $7.5 million to Diane; $2 million to the couple’s daughter, Jenna; and $500,000 to two employees.
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In any event, the insurer never pays a death benefit, an advantage the insurance industry has come to rely on.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'death benefit.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of death benefit
1867
Financial Definition of DEATH BENEFIT
death benefit
What It Is
A death benefit is a payment to the beneficiary on an annuity, pension, or life insurance policy upon the death of the annuitant or policyholder.
How It Works
Also called a survivor benefit, a death benefit may come in the form of a one-time payment on a life insurance policy or in a series of income payments that are a percentage of those granted to the annuitant prior to death. For instance, as the beneficiary on a life insurance policy, a surviving spouse will be entitled to a one-time monetary payment upon the death of the other spouse as specified in the policy. Likewise, upon the death of an annuity holder, the beneficiary will receive ongoing annuity payments at a percentage of those received by the annuitant.
Source: Investing Answers
DEATH BENEFIT Defined for English Language Learners
death benefit
Definition of death benefit for English Language Learners
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: money that an insurance company pays to the family of someone who has died because that person had life insurance
Law Dictionary
death benefit
legal Definition of death benefit
: money payable to the beneficiary of a deceased as a benefit (as under a policy of life or accident insurance or a pension plan)
Note:
The right to death benefits is generally terminated in cases of fraud, as when an insured commits suicide after purchasing a policy or when the beneficiary murders the insured.
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