Life Insurance: Death Benefits
- Topics:
- Insurance
- Tags:
- Benefit,
- Business Operations,
- Corporate Insurance,
- Death Benefit,
- Finance,
- Financial Planning,
- Insurance,
- Life Insurance
- Source:
- Business Week Online
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Overview: A death benefit is the payment you receive as a beneficiary of a life insurance policy. The death benefit may be paid as a lump sum or annuity. A death-benefit annuity may include a cost-of-living adjustment (COLA) to protect against inflation. In most cases, a death benefit is paid monthly. The amount of death benefit and period that you receive it are explained in the terms and conditions of the life insurance policy. If you are a senior citizen and qualify for Social Security, you are also likely eligible to receive Supplemental Security Income (SSI). In general, most of the death benefit is treated as nontaxable income. However, the portion that the IRS determines is interest income earned on the policy is considered taxable.
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Format: HTML | Date: Sep 2003 | Pages: 1
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