• A person, institution, trustee, or estate named to receive death benefits, if any, from insurance or annuity contracts; also, anyone receiving Social Security benefits.
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| ||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|
Tips for Trying to Fix a Clogged or "Frozen" Home Equity Line: For years, homeowners have turned to home equity lines of credit (HELOCs) as a way to borrow against their home's value to pay for college tuition, home improvements, medical bills and other major expenses. (A home's equity is the market value minus what is owed on the mortgage. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.) More...
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