guaranteed death benefit
Definition
The term in an annuity contract that guarantees the contract's named beneficiary will receive the death benefit if the annuitant were to die prior to the annuity paying out benefits. Different annuity contracts have various types of guaranteed death benefits. The contract's beneficiary is guaranteed at least an amount that is equal to what was invested or the amount of the current contract value on the most recent policy anniversary - whichever amount is higher.
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