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Life Insurance Glossary: Terms To Know

Death Benefit

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Essentially, the death benefit is the sum that will be paid to the beneficiary(ies) in the event of the insured's death.

The death benefit in a policy can change.

  • There are life insurance policies with a decreasing amount of death benefit. The amount of the death benefit decreases as does the amount of the debt. These policies are often used to insure people who have debt which decreases over time, such as mortgages.
  • There are policies with increasing death benefits.
  • There are also policies with a death benefit that varies with a standard, such as the Dow Jones Industrial Average.

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