• A person, institution, trustee, or estate named to receive death benefits, if any, from insurance or annuity contracts; also, anyone receiving Social Security benefits.
| ||Embedded terms in definition|
| ||Referenced Terms|
| ||Death benefit: The amount payable to a Beneficiary at the death of the annuitant or insured (sometimes referred to as the survivor benefit).|
| ||Survivor benefits: Income payable to a Beneficiary or beneficiaries from an annuity or insurance policy when the policyholder and/or insured dies; Social Security income payable to the family of a deceased worker.|
| ||Whole life insurance: Individual life insurance protection which pays benefits to a Beneficiary or beneficiaries when the insured dies; a savings amount, called the cash value, builds over time and can be used to accumulate wealth (and is available for loans).A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.|
| ||Related Terms|
| ||Income beneficiary|
Helping Disabled or Elderly Relatives With Money Management, Even From Far Away: Millions of people serve as financial caregivers for ill or elderly spouses, parents, children or other loved ones. They perform services that include paying bills, handling deposits and investments, filing insurance claims and preparing taxes. Because this role can be costly and physically and emotionally exhausting, especially for a caregiver who lives far away or has the usual time-demands, FDIC Consumer News offers some suggestions. More...
Be wiser than other people, if you can, but do not tell them so. - Lord Chesterfield