A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.
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Retirement Income Policy
An adaptation of an endowment at a selected retirement age in which the annuity benefit is a percentage of the face amount of Life Insurance in force prior to retirement age, usually 10%; e.g., for each $1000 of insurance a $10 per month annuity installment is payable. Under this type of policy, the cash value will exceed the face amount in the later policy years, and if death occurs before the selected retirement age, the death benefit would be the face amount or the cash value, whichever is greater.