Survivorship Benefits — (1) Under a pension plan, the benefits, if any, paid to a survivor of the retiree, which are based on a formula contained in the plan. (2) Under Social Security, the benefits that an individual may have after the death of a spouse, which is based on Social Security rules. (3) A life insurance policy benefit that covers two or more people, the benefits paid to the remaining insureds. Also known as benefits of survivorship.