• 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
Death benefit
Social security
 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

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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

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