The amount payable (usually a lump sum), or a life annuity, payable from a pension plan to the beneficiary or estate of a member who dies before or after retirement.
The survivor benefit is a lump sum payment that will provide benefits to the insured's eligible survivors in the event the insured dies while receiving disability payments. This is an optional benefit in most policies.
An amount payable to the policyowner, the policyowner's estate, or the policyowner's designee should you die while receiving total disability benefits.