Concept ComparisonsSeen in 10 questions
Primary vs Contingent Beneficiary
The primary beneficiary receives proceeds if living at the insured's death. The contingent receives them only if the primary predeceases the insured; naming both avoids proceeds falling to the estate.
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- BeneficiariesA 'primary beneficiary' under a life insurance policy is:
- BeneficiariesA contingent (secondary) beneficiary receives the death proceeds when: