What is a "death benefit"?

The death benefit is the main feature of any life insurance policy. The insurance company will pay the death benefit to your named beneficiary if you die while your policy is in effect. The benefit amount paid is equal to the insurance coverage amount you have at the time of your death. The death benefit is paid tax-free, under Canadian law, to a named beneficiary resident in Canada. ... more

A. Death benefit is the amount of money paid to your beneficiary if you die in an accident. The beneficiary is the person you select to receive this payment. ... more