- The person or legal entity designated to receive or inherit benefits from a benefactor in a will, trust, insurance policy, etc. The beneficiaries in a will are also known as the "devisees" or the "legatees."
payee, benefits, donee, person who gains, receiver, heir, inheritor
Related Terms and Acronyms
- Contingent Beneficiary — Definition,
- A beneficiary who only receives his or her benefit when specific conditions have been met.
- Death Benefit (DB) — Acronym, Very Important,
➥ An amount paid to a beneficiary in a life linsurance policy.
- A payment or series of payments made to the beneficiaries of a life insurance policy.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Executor — Definition,
- The person who manages the estate of a deceased individual.
- Family Income Rider — Definition,
- A recurring or lump sum life insurance benefit that matches the policyholder's income.
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
- Guarantee Period — Definition,
- A time period where income payments from an annuity are guaranteed.
- Human Life Approach — Definition,
- A method of estimating what the probable lifetime financial impact a life insurance policyholder's death would have on his or her beneficiaries.
- Irrevocable Beneficiary — Definition,
- A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Probate — Definition,
- The process of deciding the validity of a deceased person's will and appointing an executor.
- Revocable Beneficiary — Definition,
- A beneficiary whose benefit can be modified without his or her consent.
- Trustee — Definition,
- A person who holds and manages assets for the benefit of beneficiaries.
- Variable Death Benefit — Definition,
- A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
- Variable Universal Life Insurance (VULI) — Acronym, Important,
- A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.