Contingent Beneficiary Life Insurance at Life

Contingent Beneficiary Life Insurance. A contingent beneficiary is a person(s), organization, trust, or other entity named by the policyholder to receive their life insurance death benefit if the primary beneficiary is deceased, unable to be found, legally unqualified to accept it, or refuses the benefit at the time the monies are to be paid out. Siblings and favorite charities are great contingent life insurance beneficiary options.

Full legal first and last name; The word ‘contingent’ is associated with the word ‘beneficiary’ in the life insurance dynamic. A contingent beneficiary is qualified for insurance proceeds or retirement resources only if certain foreordained conditions are met at the hour of the insured individual’s death, for example, data found in a will.

Death Benefit Definition

A contingent beneficiary possibly acquires it if the primary beneficiary doesn’t. A contingent beneficiary possibly acquires it if the primary beneficiary doesn’t. A contingent beneficiary on a life insurance policy is essentially like a secondary beneficiary. A contingent or secondary beneficiary is the person who collects your insurance payout if none of your primary life insurance beneficiaries can accept the money.