Life Insurance Questions & Answers: Advice for Beneficiaries
Advice for Beneficiaries Q&A
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What is the difference between a beneficiary and a contingent beneficiary?
The beneficiary is the person or persons who will receive the life insurance payout when the insured passes away. The contingent beneficiary is a different person who will receive the benefit, if the first (primary) beneficiary is no longer able to receive it. Many people make their spouse the primary beneficiary and then add a contingent beneficiary in case the spouse dies first or they both die at the same time. In this case the contingent beneficiary would receive the proceeds.Have a Life Insurance Question of Your Own?
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