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What is a contingent beneficiary in life insurance?
What happens if a life insurance policy has no contingent beneficiary?
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Why do you need a contingent beneficiary?
Nov 27, 2021 · A contingent beneficiary receives your life insurance payout if your primary beneficiary has already died, is ineligible, or decides to not take the payout, helping make sure your policy supports your loved ones financially. Life insurance is there to protect against the unexpected.
Jan 30, 2022 · Key Takeaways. A contingent beneficiary inherits only if the primary beneficiary is deceased, unable to be located, or refuses the inheritance when the proceeds are paid out. Multiple...
- Julia Kagan
Dec 7, 2023 · The contingent beneficiary is the alternative person designated to receive the payout if none of the primary beneficiaries can receive it — either because they died, are unavailable, or refuse to accept the payout. If the primary beneficiary is available to receive the payout, the contingent beneficiary won’t receive any money.
Oct 13, 2021 · A contingent beneficiary, also known as a secondary beneficiary, is “second in line” to receive the death benefit. If the primary beneficiary pre-deceases the insured and the policy owner doesn’t name a new primary beneficiary, the contingent beneficiary will receive the death benefit.
Nov 6, 2023 · A contingent beneficiary is the person or entity that will receive the benefits if the primary beneficiary has died, is unable to be located or, for...
- Mary Van Keuren
- Do I need to name a contingent beneficiary if I have multiple primary beneficiaries?Most financial professionals recommend naming at least one contingent beneficiary — even if you have multiple primary beneficiaries — because circu...
- What is the difference between a contingent beneficiary and a second beneficiary?The terms are often considered interchangeable. A contingent — or second — beneficiary will receive your policy’s benefits in the event your primar...
- Can I name a child as my contingent beneficiary?While you can name a child as your contingent beneficiary, they may not have direct or immediate access to the funds you leave behind. Be aware tha...
- Who should be a contingent beneficiary?A contingent beneficiary should be a person you trust to use your life insurance benefits appropriately, such as using it to cover your funeral exp...
Jun 23, 2023 · A contingent beneficiary is the person who gets the death benefit if the primary beneficiary can’t receive the payout. For example, if your primary beneficiary dies before receiving the death benefit or if the life insurance company can’t locate them, you’ll hopefully have a contingent beneficiary listed on the policy to get the money.
Jan 10, 2024 · A contingent beneficiary is the backup person who would receive your life insurance death benefit if all of your primary beneficiaries are deceased.
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