3 – Life insurance, accident & sickness insurance and annuity claims-payment of proceeds

Table of Contents

3.1 Rules pertaining to claims and payment of benefits

📘 Insurance claims involve legal procedures that determine:

  • Who is entitled to benefits
  • What proof is required
  • How insurers process payments
  • When benefits become payable

💡 Insurance agents play an important role in helping claimants navigate the claims process smoothly and accurately.

3.1.1 Claimant

👥 A claimant is the person or entity requesting payment of insurance proceeds.

📋 Possible Claimants

  • The insured person
  • The insured’s estate
  • Primary beneficiaries
  • Contingent beneficiaries
  • Policy assignees

⚖️ Special Situations

In some cases:

  • Creditors may make claims
  • Court orders may direct payments for:
    • Spousal support
    • Child support

🏛️ Disputed Claims

If there is uncertainty about who should receive the benefit:
➡️ The insurer may pay the money into Court until the dispute is resolved.

💡 Proper beneficiary designations help reduce claim disputes.

3.1.2 Insurer’s records

📂 Insurers rely heavily on their records when processing claims.

📌 Beneficiary Designations

Insurers usually pay benefits according to:

  • The latest beneficiary designation on file

⚠️ Important Exception

A beneficiary designation in a will may override previous designations depending on provincial law.

🏦 If No Beneficiary Exists

➡️ Benefits are generally paid to the estate.

💡 Keeping beneficiary information updated is extremely important.

3.1.3 Notice of claim

📢 The insurer must first receive notice that a claim event has occurred.

👥 Notice May Come From

  • Insurance agent
  • Beneficiary
  • Executor or estate trustee
  • Employer
  • Family members

👨‍💼 Agent’s Role

Agents often help:

  • Locate beneficiaries
  • Provide claim forms
  • Assist with documentation

⚠️ Challenges That May Occur

  • Beneficiaries may not know they were named
  • Policies may be difficult to locate
  • Insurers may have merged or changed names

💡 The Canadian Life and Health Insurance Association (CLHIA) may help locate insurers in older cases.

⏳ Time Limits for Claims

Some policies contain deadlines for submitting claims.

⚖️ However

Provincial legislation and court decisions may affect:

  • Claim deadlines
  • Limitation periods
  • Late claim relief

🏛️ Unclaimed Benefits

In certain jurisdictions:
➡️ Unclaimed insurance proceeds may eventually be transferred to the government.

3.1.4 Proof of claim

📄 A claimant must provide evidence proving entitlement to insurance benefits.

👨‍💼 Agent’s Importance

The agent’s records and application information often help verify:

  • Identity
  • Coverage details
  • Beneficiary rights

3.1.4.1 Documents required

📋 Claimants must complete insurer claim forms and provide supporting documents.

📌 Common Required Proof

  • Death certificate
  • Funeral director’s statement
  • Proof of age
  • Proof of identity
  • Proof of beneficiary rights

⚠️ Additional Evidence May Be Needed

Especially if:

  • Death occurred overseas
  • Circumstances are suspicious
  • Fraud concerns exist

💡 Insurers may request additional investigation before paying benefits.

3.1.4.2 Probate

⚖️ Probate is not always required.

📌 However

The insurer must receive enough evidence confirming:

  • The executor’s authority
  • The claimant’s legal entitlement

💡 Probate requirements vary depending on circumstances and provincial law.

3.1.4.3 Proof of age

🎂 Proof of age is important because premiums and coverage often depend on age.

📋 Important Facts

  • Age is usually verified during application
  • Incorrect age may affect:
    • Premiums
    • Coverage amounts
    • Eligibility

⚠️ Special Importance in Term Insurance

Coverage often expires at specified ages.

3.1.4.4 Proof of identity

🪪 Beneficiaries must prove their identity before receiving proceeds.

📌 Additional Documents May Be Needed

Examples include:

  • Marriage certificates
  • Court orders
  • Guardianship documents
  • Trustee appointments

👨‍👩‍👧 Relationship-Based Beneficiaries

Terms like:

  • “Children”
  • “Guardian”
  • “Executor”

may require legal proof of status.

💡 Clear beneficiary designations simplify claims processing.

3.1.4.5 Accidental vs. natural causes

⚠️ Some policies distinguish between accidental death and natural death.

📋 Common Situations Requiring Investigation

  • Suicide exclusions
  • Dangerous activity exclusions
  • Accidental death policies

🏥 Additional Evidence May Include

  • Physician statements
  • Autopsy reports
  • Toxicology reports
  • Coroner investigations

🚫 Common Exclusions

Policies may exclude deaths related to:

  • Suicide
  • Extreme sports
  • Criminal activity
  • Hazardous activities

⚖️ Meaning of “Accident”

Courts may interpret accidents broadly depending on policy wording and circumstances.

📌 Example

A court ruled that paralysis caused by:
🦟 A mosquito carrying West Nile virus

qualified as an accident under the insurance policy.

💡 Accident definitions are often shaped by court decisions and policy wording.

⭐ Key Takeaways

✅ Claimants may include beneficiaries, estates, or assignees.
✅ Insurers rely on beneficiary records when paying claims.
✅ Agents often assist with claim reporting and documentation.
✅ Claimants must provide proof of death, identity, and entitlement.
✅ Probate may sometimes be required.
✅ Proof of age and identity are important for benefit payment.
✅ Some policies investigate accidental versus natural causes of death.
✅ Policy exclusions and court interpretations affect claim outcomes.

3.2 Disappearance and presumption of death

🕵️ Sometimes an insured person disappears and cannot be located for many years.

⚖️ In these situations, courts may legally declare the person deceased so that insurance proceeds and estate matters can be settled.

💡 These situations are rare but can create complex legal and insurance issues.

📌 Presumption of death

⏳ If a person has been missing for:

  • 7 years or more

interested parties may apply to the court for a declaration of death.

👥 Who May Apply

Applications are usually made by:

  • Family members
  • Beneficiaries
  • Estate representatives

🎯 Common Purpose

The court declaration is often needed to:

  • Access life insurance proceeds
  • Settle estates
  • Resolve legal and financial affairs

⚠️ Importance of Timing of Death

📅 Establishing the date of death is extremely important.

📋 Why It Matters

The insurer must determine:

  • Whether the policy was still active
  • Whether premiums had been paid
  • Whether coverage existed at the time of death

⚠️ Possible Complication

If the policy lapsed after the person disappeared:
➡️ The claimant must prove the insured died while the policy was still in force.

💡 Courts and insurers carefully examine evidence when determining presumed death timing.

3.2.1 Death of two or more people

⚖️ When multiple people die in the same event, determining the order of death may become very important.

📋 Situations Where This Matters

  • Joint life insurance policies
  • Beneficiary designations
  • Estate distributions
  • Survivor benefit rights

👥 Joint Life Insurance Policies

🛡️ Joint life insurance covers more than one insured person.

📌 Policy Structures

Policies may pay upon:

  • First death
  • Second death

depending on policy terms.

⚠️ Simultaneous Death Situations

🚗 If insured persons die in the same accident and:

  • The order of death cannot be proven

the insurance policy may contain rules stating:
➡️ Who is legally presumed to have died first.

👨‍👩‍👧 Beneficiary Survival Issues

💰 Determining whether a beneficiary:

  • Survived the insured
  • Or died first

may affect:

  • Who receives the proceeds
  • Whether proceeds pass to contingent beneficiaries or the estate

💡 Proper beneficiary planning helps reduce complications in simultaneous death situations.

⭐ Key Takeaways

✅ Courts may declare a missing person legally dead after long disappearance.
✅ Seven years of disappearance is commonly used for presumption of death.
✅ Timing of death is important for determining insurance coverage validity.
✅ Simultaneous deaths can create complex beneficiary and estate issues.
✅ Joint life insurance policies may specify presumed order of death.
✅ Beneficiary survival affects who receives insurance proceeds.

3.3 Payment into Court

⚖️ Sometimes an insurer knows that an insurance benefit is payable but cannot determine who is legally entitled to receive the money.

💡 In these situations, provincial and territorial insurance laws may allow the insurer to pay the insurance proceeds directly into Court.

📌 Why Payment into Court Happens

🏛️ Payment into Court is commonly used when:

  • Multiple parties claim the same insurance proceeds
  • Beneficiary disputes exist
  • Beneficiaries cannot be clearly identified
  • Legal uncertainty exists about entitlement

⚠️ Important Point

The insurer may fully accept that:
✅ The insured person has died
✅ The benefit is payable

but still be unable to determine:
❓ Who should legally receive the money

🔒 Protection for the Insurer

💼 Once the insurer pays the proceeds into Court:
➡️ The insurer is generally released from further liability.

⚖️ The Court Then Handles

  • Reviewing evidence
  • Determining valid claims
  • Resolving beneficiary disputes
  • Ordering payment to the rightful party

💡 Courts are specifically designed to resolve conflicting legal claims fairly.

👶 Payment into Court for Minors

🧒 Special rules often apply when insurance proceeds are payable to minors.

📌 Provincial Law May Require

  • Funds to be paid into Court
  • Court supervision of the money
  • Appointment of guardians or trustees

🎯 Purpose

These protections help:

  • Safeguard the minor’s funds
  • Prevent misuse of money
  • Ensure funds are used properly for the child’s benefit

💡 Courts act to protect vulnerable beneficiaries until they reach legal adulthood.

⭐ Key Takeaways

✅ Insurers may pay proceeds into Court when beneficiary disputes exist.
✅ Payment into Court protects insurers from further liability.
✅ Courts determine who is legally entitled to insurance proceeds.
✅ Conflicting claims are resolved through legal review and evidence.
✅ Provincial laws may require payment into Court for minors.
✅ Court supervision helps protect funds belonging to children.

3.4 Proceeds on deposit and payout options

💰 Life insurance policies often provide several ways for beneficiaries to receive death benefit proceeds.

📘 These are commonly called:

  • Settlement options
  • Payout options

💡 Choosing the right payout option can affect:

  • Financial planning
  • Estate administration
  • Tax considerations
  • Long-term money management

📋 Choosing a Payout Option

When making a claim, beneficiaries are often asked:
➡️ How they would like to receive the insurance proceeds.

👨‍💼 Role of Insurance Agents

Agents may help clients:

  • Understand available payout choices
  • Compare advantages and disadvantages
  • Coordinate with estate planning goals

⚖️ Final Control of Funds

Once proceeds are paid:

  • The beneficiary
  • Estate executor
  • Lawyer or legal representative

controls how the money will be used or invested.

💡 Proper financial planning helps beneficiaries manage large insurance payouts responsibly.

⚠️ Retirement Product Restrictions

📘 Some retirement products follow special legal transfer rules.

📋 Examples

  • Locked-in retirement accounts (LIRA)
  • Life income funds (LIF)
  • Pension-related products

🚫 Important Limitation

Certain funds:

  • Cannot simply be withdrawn freely
  • Must often be transferred to approved retirement products

Insurers must follow:

  • Pension legislation
  • Tax laws
  • Locked-in transfer rules

💡 Agents should understand these restrictions to properly guide clients.

💵 Lump-Sum Payment Option

🏦 The most common settlement option is:
➡️ A lump-sum payment.

📌 How It Works

The insurer issues:

  • A cheque to the beneficiary
  • Or a cheque to the estate executor

💡 Beneficiary Flexibility

After receiving the funds, the recipient may:

  • Deposit the money at a financial institution
  • Invest the proceeds
  • Use the funds immediately
  • Seek financial or legal advice

📂 Proceeds on Deposit

🏛️ In some situations, proceeds may temporarily remain on deposit with the insurer until:

  • Beneficiaries provide instructions
  • Legal matters are finalized
  • Estate administration is completed

💡 Delayed payout arrangements may help beneficiaries manage funds carefully during difficult periods.

⭐ Key Takeaways

✅ Life insurance policies may offer different settlement and payout options.
✅ Beneficiaries usually choose how they want proceeds paid.
✅ Agents may help explain payout choices and restrictions.
✅ Retirement products may have locked-in transfer limitations.
✅ Lump-sum payments are the most common settlement option.
✅ Beneficiaries or estate executors control the use of proceeds after payment.

3.5 Time to pay claim

⏳ Insurance companies are legally required to process and pay valid claims within a reasonable timeframe.

⚖️ Provincial and territorial insurance laws generally require insurers to:
➡️ Pay claims within 30 days after receiving satisfactory proof that the claim is payable.

💡 Prompt claim payment helps beneficiaries and families manage financial obligations during difficult times.

📋 Proof Required Before Payment

🏢 Before paying a claim, the insurer must receive enough evidence confirming:

  • The insured person has died
  • The claimant is entitled to the benefit
  • Policy conditions have been satisfied

📌 Examples of Required Proof

  • Death certificate
  • Claim forms
  • Proof of identity
  • Beneficiary documentation

⚠️ Delays may occur if:

  • Documents are incomplete
  • Additional investigation is needed
  • Beneficiary disputes exist

💰 Interest on Unpaid Claims

📘 Most insurance contracts do not automatically guarantee interest on unpaid claims.

💡 However

In practice, many insurers may voluntarily pay:

  • Interest for part of the time between death and final payment

especially if:

  • Claims processing takes longer than expected

📈 Segregated Fund Death Benefits

🏦 Segregated funds (also called Individual Variable Insurance Contracts — IVICs) may require additional calculations after death.

📋 Important Features

The death benefit value may:

  • Increase
  • Decrease

depending on:

  • Market performance
  • Investment values
  • Contract guarantees

⚠️ Why Timing Matters

Because values fluctuate:
➡️ The final death benefit amount must often be calculated after the insured’s death.

💡 Segregated fund contracts combine insurance protection with market-based investments.

⭐ Key Takeaways

✅ Insurers generally must pay valid claims within 30 days after receiving satisfactory proof.
✅ Claim payment depends on proper documentation and proof of entitlement.
✅ Incomplete information may delay payment.
✅ Some insurers may pay interest on delayed claim payments.
✅ Segregated fund death benefits may fluctuate based on market performance.
✅ Final segregated fund death benefits are often calculated after death.

3.6 Denial of claim

⚖️ Insurers may refuse to pay a claim in certain situations, even when a beneficiary is properly identified.

💡 Claim denials usually occur when:

  • Policy conditions were violated
  • Fraud exists
  • Coverage was not active
  • Legal or public policy rules prevent payment

📋 Common Reasons for Claim Denial

🚫 An insurer may deny a claim for several important reasons:

1️⃣ Fraud or Insurance Fraud

  • False information on the application
  • Intentional concealment of material facts
  • Misrepresentation of risk

2️⃣ Payment Contrary to Public Order

  • Situations where paying the benefit would violate legal or moral principles

3️⃣ Policy Lapse

  • Non-payment of premiums causing coverage termination

4️⃣ Limitation Period Issues

  • Claims submitted too late under provincial laws

💡 Insurance agents should carefully review applications to help prevent future claim disputes or denials.

⚠️ Fraud and Misrepresentation

📝 During the application process, insurers rely heavily on truthful disclosure.

📌 Examples of Fraud

  • Hiding medical conditions
  • Providing false personal information
  • Misstating smoking status
  • Concealing dangerous activities

🚨 Consequences

Fraud may allow the insurer to:
❌ Deny the claim
❌ Void the policy

even after coverage has started.

💡 Honest and complete disclosure is one of the most important duties of applicants.

📉 Policy Lapse

💳 Insurance coverage depends on premium payments being kept current.

📌 If Premiums Are Not Paid

The policy may:

  • Lapse
  • Terminate
  • Lose coverage protection

⚠️ Result

If death occurs after lapse:
➡️ The insurer may deny the death benefit claim.

💡 Grace periods and reinstatement rights may sometimes help restore coverage.

⏳ Limitation Periods

📅 Provincial legislation sets deadlines for starting legal claims.

⚖️ Important Rule

If a claim is not made within the legally allowed period:
➡️ The insurer may rely on the limitation period to deny the claim.

💡 Limitation rules vary by province and territory.

3.6.1 Payment contrary to public order

🚫 Public order principles prevent individuals from benefiting from serious wrongdoing.

⚖️ Common Example

If a beneficiary intentionally causes the death of the life insured:
❌ The insurer may refuse payment to that beneficiary.

📌 Important Point

The denial applies even if:

  • The beneficiary did not know they were named
  • Financial gain was not the motive

Courts and insurers generally will not allow someone to profit from wrongful conduct.

🏛️ Effect on Insurance Proceeds

If one beneficiary is disqualified:

  • Other eligible beneficiaries may still receive proceeds
  • The proceeds may pass to the estate
  • Courts may determine proper distribution

💡 Public policy protections help maintain fairness and integrity within insurance law.

⭐ Key Takeaways

✅ Insurers may deny claims for fraud, lapse, exclusions, or legal reasons.
✅ Fraud and intentional misrepresentation may void coverage.
✅ Policies may lapse if premiums are unpaid.
✅ Limitation periods may restrict late claims.
✅ Public order rules prevent beneficiaries from profiting from wrongdoing.
✅ A beneficiary who causes the insured’s death may lose entitlement to proceeds.

3.7 Accident and sickness claims

🏥 Accident and sickness insurance provides benefits when an insured person suffers:

  • Accidental injury
  • Disability
  • Critical illness
  • Accidental death
  • Dismemberment

💡 These claims often require detailed medical and financial evidence before benefits are approved.

⚖️ Relief for Imperfect Compliance

📘 Provincial and territorial insurance laws may protect insured persons when:

  • Serious injuries prevent proper claim completion
  • Full compliance with claim procedures is difficult

💡 This helps ensure injured individuals are treated fairly during the claims process.

3.7.1 Accident death and dismemberment claims

⚠️ Accidental Death and Dismemberment (AD&D) insurance pays benefits for:

  • Accidental death
  • Loss of limbs
  • Loss of sight
  • Loss of hearing
  • Other specified accidental injuries

👥 Beneficiary Rules

  • Accidental death benefits usually go to the named beneficiary
  • Injury or dismemberment benefits are usually paid to the insured person

🏦 If No Beneficiary Exists

➡️ Benefits may be paid to:

  • The policyholder
  • The estate

3.7.1.1 Documents required

📄 Insurers require claim documentation before paying benefits.

📋 Common Required Documents

  • Claim forms
  • Medical reports
  • Physician statements
  • Accident details
  • Proof of loss

🩺 Medical Evidence

Detailed medical documentation is often needed to:

  • Confirm the injury
  • Determine severity
  • Verify eligibility for benefits

💡 Accurate and complete medical information helps speed up claim processing.

3.7.2 Disability claims

💼 Disability insurance protects against loss of income caused by:

  • Illness
  • Injury
  • Mental health conditions
  • Physical disability

📌 Examples of Covered Conditions

  • Depression
  • Anxiety
  • Physical injury
  • Chronic illness

⚠️ Important Principle

📘 Disability insurance is NOT unemployment insurance.

❌ Being unable to find a job does not qualify as disability.

✅ The Claimant Must Prove

That they meet the policy’s definition of:
➡️ “Disability”

💡 Definitions of disability vary significantly between policies.

3.7.2.1 Documents required

📄 Claimants must provide evidence supporting the disability claim.

📋 Common Required Documentation

  • Claimant statement
  • Attending Physician Statement (APS)
  • Medical records
  • Financial records
  • Employment information

⏳ Waiting (Elimination) Period

Most disability policies include a waiting period before benefits begin.

🩺 Physician’s Role

The doctor usually confirms:

  • Diagnosis
  • Date symptoms started
  • Functional limitations
  • Ability to work

📌 Disability Claim Assessment Process

The insurer may evaluate:
1️⃣ Whether total disability exists
2️⃣ Whether the waiting period has passed
3️⃣ Ability to perform occupational duties
4️⃣ Ongoing disability status
5️⃣ Whether recovery has occurred

💰 Financial Evidence

Additional proof may be required to support:

  • Income loss
  • Reduced earning ability

💡 Insurers may periodically reassess disability claims over time.

3.7.2.2 Medical and other examinations

🩺 Insurers rely heavily on medical evidence when evaluating disability claims.

📋 Additional Examinations May Include

  • Specialist consultations
  • Independent medical examinations
  • Rehabilitation assessments

💡 Rehabilitation Support

Insurers may:

  • Recommend treatment programs
  • Arrange specialist consultations
  • Cover rehabilitation assessment costs

⚠️ Claimants are generally expected to cooperate reasonably with rehabilitation efforts.

❤️ Critical illness claims

🏥 Critical illness insurance provides a lump-sum payment if the insured is diagnosed with a covered serious illness.

📋 Covered Illnesses May Include

  • Cancer
  • Stroke
  • Heart attack

🩺 Claim Requirement

A licensed physician specializing in the illness must confirm:
✅ Diagnosis
✅ Covered condition under the policy

⏳ Benefit Payment Timing

💰 Once approved:
➡️ The lump-sum benefit is generally paid about 30 days after claim approval.

🔚 Policy Termination After Payment

📘 After the critical illness benefit is paid:
➡️ The policy usually ends.

💵 Refund of Premium Feature

Some policies may refund premiums paid if:

  • The insured dies from a non-covered cause

➡️ Refunds are generally paid to the named beneficiary.

💡 Critical illness insurance helps provide financial support during major health events.

⭐ Key Takeaways

✅ Accident and sickness insurance covers injuries, disability, and critical illness.
✅ AD&D policies pay benefits for accidental death and specified injuries.
✅ Medical evidence is essential for claim approval.
✅ Disability claims require proof that the policy definition of disability is met.
✅ Disability insurance does not cover unemployment.
✅ Waiting periods often apply before disability benefits begin.
✅ Critical illness insurance pays lump-sum benefits for covered illnesses.
✅ Critical illness policies usually terminate after benefit payment.

3.8 Segregated funds and annuities

💰 Segregated funds and annuity contracts may provide death benefits to beneficiaries or estates when the annuitant or life insured dies.

📘 However, payout rules depend heavily on:

  • Type of annuity
  • Guarantee periods
  • Pension legislation
  • Beneficiary designations

💡 Some retirement products also contain “locked-in” restrictions that limit transfers and withdrawals.

📋 Death Benefits Under Annuity Contracts

🏦 When the life insured under an annuity contract dies:
➡️ The beneficiary or estate may receive a death benefit.

⚠️ Important Exception

No death benefit may exist if:

  • The contract is an immediate life annuity
  • Payments already started
  • No guarantee period exists
  • The guarantee period has already expired

💡 Immediate annuities are designed primarily to provide lifetime income rather than estate value.

🔒 Guaranteed Payment Periods

📅 Some payout annuities include a guarantee period.

📌 How It Works

If the annuitant dies before the guaranteed number of payments are made:
➡️ The insurer must continue making payments.

👥 Possible Recipients

Remaining payments may go to:

  • The annuity grantee
  • Named beneficiaries
  • The estate

💵 Commuted Value Option

In some cases:
➡️ Beneficiaries may choose a lump-sum settlement instead of future payments.

💡 Guarantee periods help protect beneficiaries from early annuitant death.

🔐 Locked-In Pension Funds

🏛️ Pension-related annuity and segregated fund amounts are often “locked-in.”

⚖️ Important Rule

Locked-in funds:
❌ Cannot usually be withdrawn freely
✅ Must follow pension legislation transfer rules

📋 Permitted Transfers May Include

  • LIRA (Locked-In Retirement Account)
  • Another pension plan
  • Immediate life annuity
  • Deferred life annuity
  • LIF (Life Income Fund)

💡 Locked-in rules are designed to preserve retirement income security.

3.8.1 Death before retirement

👨‍👩‍👧 If a pension plan member dies before retirement, pension legislation may protect the spouse.

❤️ Eligible Spouse Rights

If an eligible spouse exists:
➡️ Benefits are generally payable to the spouse

even if:

  • Another beneficiary was designated

🔄 Transfer Rights

The spouse may often transfer the funds into:

  • Their own locked-in retirement plan

📋 If No Eligible Spouse Exists

Benefits may instead be paid to:

  • The named beneficiary
  • The estate if no beneficiary exists

💡 Pension laws often prioritize spousal protection.

3.8.2 Death after retirement

👵 If a pensioner dies after retirement, survivor benefits may apply.

❤️ Spousal Survivor Benefits

An eligible spouse may receive:
➡️ A continuing survivor pension

usually:

  • A reduced percentage of the original pension payment

💰 Guarantee Period Payments

If no eligible spouse exists:
➡️ Remaining guaranteed payments may be converted into:

  • A lump-sum commuted value

and paid to:

  • The named beneficiary
  • Or the estate if no beneficiary exists

💡 Guarantee periods continue to protect beneficiaries after retirement begins.

⭐ Key Takeaways

✅ Segregated funds and annuities may provide death benefits.
✅ Immediate annuities without guarantees may end at death.
✅ Guaranteed annuity periods continue payments after death if applicable.
✅ Pension-related funds are often locked-in under pension laws.
✅ Locked-in funds may only transfer to approved retirement products.
✅ Eligible spouses often receive priority pension death benefits.
✅ Survivor pensions may continue after retirement death.
✅ Beneficiaries or estates may receive remaining guaranteed payments.

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