What are the options available to the beneficiaries with regards to paying death benefits?
A death benefit may be paid as a lump sum to the beneficiary, or in certain circumstances where the beneficiary is a dependant, death benefits may take the form of an income stream (pension) which may provide beneficiaries with taxation advantages. A dependant includes a spouse or de facto spouse, a former spouse or de facto, a child of the deceased under 18 years of age, any person who relied on the deceased for financial maintenance at the time of their death, or any person who lived with the deceased in a close personal relationship where one or both of them provided financial and domestic support and personal care.
