The term "death benefit" refers to a payment made by an insurance company to the beneficiary(ies) of a life insurance policy in the event of the policyholder's death. This is the primary purpose for which most people purchase life insurance, as it provides financial security and stability to their loved ones after they are gone. The amount of the benefit varies depending on factors such as the type of policy (term or whole), the face value, premium payments made by the policyholder, and any riders or additional benefits that may have been added to the policy.