Beneficiary
InsuranceGlossary term
Definition
A person or entity designated to receive assets from a trust, insurance policy, retirement account, or will after the owner's death.
Related terms
- Life InsuranceInsurance that pays a death benefit to beneficiaries when the insured person dies. Types include term life (temporary coverage) and permanent life (lifetime coverage with cash value).
- Estate PlanningThe process of arranging how your assets will be distributed after death and making healthcare decisions if you become incapacitated. Includes wills, trusts, and powers of attorney.
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