Beneficiary

Definition

  • 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."

Synonyms
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,
    • A payment or series of payments made to the beneficiaries of a life insurance policy.
    An amount paid to a beneficiary in a life linsurance 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,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • 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.
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