Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
Division of

The Mortgage Group®


Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:benefits, donee, heir, inheritor, payee, person who gains, receiver
Filed Under: annuities, estate-management, insurance, investments
Tags: annuity, insurance, investment, life insurance

Definition of beneficiary

1. 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."

Related Terms and Acronyms:

  • death benefit (DB)   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   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • human life approach   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   A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
  • 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.
      ➥  CanEquity offers life insurance.
  • revocable beneficiary   A beneficiary whose benefit can be modified without his or her consent.
  • trustee   A person who holds and manages assets for the benefit of beneficiaries.
  • variable death benefit   A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
  • variable universal life insurance (VULI)   A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.

More Related Terms and Acronyms

Search the Glossary

Mortgage Rates
Competition keeps the banks on their toes. If the banks had it their way, mortgage brokers simply wouldn't exist, and they could keep their rates high. Don't let the banks rest on their laurels; apply today and get a great mortgage rate.
Mortgage Rates
Our Best Mortgage Calculator Yet
Try out Canada's top rated calculator. Use our mortgage calculator to find the ideal repayment schedule. Add a pre-payment or cash injection and see exactly how it will affect your mortgage.
Top Rated Mortgage Calculator
Mortgage Brokers
We have been active brokering mortgages online since 2001 and we hold the necessary experience to find you a great mortgage with the best rate.
Mortgage Brokers Hold Experience