Contingent Life Insurance at Life

Contingent Life Insurance. The policy owner has the option of naming a primary beneficiary (or beneficiaries) and may also wish to have contingent beneficiaries. A contingent beneficiary is specified by an insurance contract holder or retirement account owner as the person or entity receiving proceeds if the primary beneficiary is.

The primary owner is going to stand to collect money when the insured passes away. A contingent beneficiary is basically your ‘secondary’ beneficiary. A contingent beneficiary is sometimes known as a “secondary beneficiary.” for example, it’s possible that your primary beneficiary may die before receiving the death benefit.

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When purchasing life insurance, you'll be asked to designate at least one. But what does it mean in life insurance? Affordable, flexible term life insurance at your pace. A life insurance contingent beneficiary is the secondary beneficiary who can receive the assets in the case that the primary beneficiaries are unable to, for any reason.