Glossary

A rider or provision allowing a terminally ill policyholder to receive a portion of the death benefit while still alive to help cover end-of-life costs.

The person or entity named in a life insurance policy to receive the death benefit when the insured dies.

The period during which a surviving spouse generally cannot receive SSA survivor benefits, typically from when the youngest child turns 16 until the survivor reaches age 60.

Another name for final expense insurance. A small permanent life policy intended to cover the cost of a funeral and burial when the insured dies.

A monthly SSA benefit paid to an unmarried child under 18 (or 19 if in secondary school) whose parent was an insured worker and has died.

The first two years of a life insurance policy during which the insurer may investigate and deny a claim if the application contained material misrepresentation.

The amount of money an insurance company pays to the beneficiary when the insured person dies, as specified in the policy.

An SSA survivor benefit payable to a divorced spouse if the marriage lasted at least 10 years and the surviving divorced spouse is age 60 or older.

The stated dollar amount of coverage on a life insurance policy — equal to the death benefit if no loans or riders have changed it.

A small whole life insurance policy, typically $5,000 to $25,000, designed to cover funeral costs, burial expenses, and other end-of-life bills.

A life insurance feature common in guaranteed-issue policies where the full death benefit is not payable if the insured dies within the first two to three years of the policy.

A life insurance policy that cannot be denied based on health — acceptance is guaranteed, though premiums are higher and a graded benefit period often applies.

A one-time $255 payment from the SSA made to an eligible surviving spouse or dependent child upon the death of an insured worker.

The periodic payment (monthly, quarterly, or annual) an insurance policyholder makes to keep a life insurance policy in force.

A life insurance underwriting approach that requires only a health questionnaire rather than a medical exam to qualify for coverage.

An SSA earnings threshold used to determine disability eligibility; earning above this level can affect certain survivor benefit calculations for disabled survivors.

A monthly payment from the Social Security Administration paid to eligible family members of a deceased worker, based on that worker's earnings record.

The set of SSA criteria a family member must meet to qualify for survivor benefits, including the deceased's work credits and the survivor's age or dependency status.

Life insurance that provides a death benefit for a fixed period (commonly 10, 20, or 30 years). If the insured outlives the term, coverage ends and no benefit is paid.

The process an insurance company uses to evaluate an applicant's health and risk factors to determine eligibility and premium rate.

Permanent life insurance that remains in force for the insured's entire life, builds cash value over time, and pays a guaranteed death benefit.

A Social Security survivor benefit paid to the surviving spouse of a deceased worker, generally available starting at age 60.

A Social Security survivor benefit paid to the surviving husband of a deceased worker, under the same rules as the widow's benefit.