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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
88% - Very Often

Death Benefit

Synonyms:award, money from insurance, payable amount, payout
Acronyms &
Notes:An amount paid to a beneficiary in a life linsurance policy.
Filed Under: annuities, estate-management, financial-banking, insurance, investments
Tags: insurance, life insurance

Definition of death benefit (DB)

death benefit (DB)
1. Also known as a survivor benefit, a death benefit is the total limit of benefits that are payable to the beneficiary in the event of a life insurance policyholder's death.

Related Terms and Acronyms:

  • accidental death benefit (ADB)   An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
      ➥  A life insurance policy rider.
  • 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.
  • living benefits   The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
  • permanent life insurance   A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
  • policy loan   A loan where a life insurance policyholder's death benefit is used as collateral.
  • revocable beneficiary   A beneficiary whose benefit can be modified without his or her consent.
  • second-to-die insurance   Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
  • single-premium life insurance   Life insurance where all premiums are paid up front in a single lump sum payment.
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • whole life insurance   Permanent life insurance with level premiums for the policyholder's entire lifetime.

More Related Terms and Acronyms

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