Death benefit

This is the amount of money which is paid to the beneficiary after the death of an insured person.

There are many types of policies that will pay out a death benefit. If you are killed in a car accident, then your accident benefits will pay a certain benefit. This depends on your position in the household.

Workers' Compensation Boards (WCB) will have a payment amount for death benefit.

Your life insurance policies will pay out upon death. This can be mortgage insurance, creditor insurance or an employee group plan. Some insurance companies offer a death benefit for property owners who die during the term of the policy.

The government even pays out a death benefit to the estate.

It is best to keep your paperwork regarding your estate up-to-date, so that you know whether or not you have adequate coverage to protect your family and/or your business.