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.
How to Ace Your First Test Managing Real Money in the Real World: As a teen, you're beginning to make some grown-up decisions about how to save and spend your money. That's why learning the right ways to manage money…right from the start…is important. Here are suggestions. More...
In prosperity our friends know us; in adversity we know our friends. - Churton Collins