Business and Personal Finance Dictionary

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• DEATH BENEFIT
  
  A death benefit is money your beneficiary collects from your life insurance policy if you die while the policy is still in force. In most cases, the beneficiary receives the face value of the policy as a lump sum. But the death benefit may be reduced by the amount of any unpaid loans youve taken against the policy. Some retirement plans, including Social Security, also provide a one-time payment to your beneficiary at the time of your death.
  
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