Definition: Beneficiaries in life insurance refers to individuals or beneficiaries who receive benefits from a policy under which they are designated as an insured party, typically their spouse, children, parents, or other close relatives. These beneficiaries have legal rights and responsibilities that are similar to those of regular policyholders. The term "beneficiaries" is often used interchangeably with "payers," but it can also be used to describe individuals who receive benefits from a life insurance policy without having an active interest in the policy. In this case, the person is referred to as a "beneficiary." The definition of beneficiaries in life insurance can vary depending on the specific type of policy and the terms of the contract. Typically, beneficiaries are designated as the primary dependents if they have not already been named as beneficiaries under a will or other legal document. In summary, the term 'beneficiaries' refers to individuals who receive benefits from life insurance policies in which their names are listed as one of the policyholders. These beneficiaries have legal rights and responsibilities that are similar to regular policyholders.
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