Primary vs Contingent Beneficiaries

A life insurance death benefit is paid the primary beneficiaries first. If, however, the primary beneficiaries have already passed away, the money will then go to the contingent beneficiaries if they were selected by the insured. For example, you may have your Husband listed as the Primary and your children listed as Contingent. If your husband passes first, your death benefit will then go to the children automatically.

Primary vs Contingent Beneficiaries - 10 Plays