What Is A Contingent Beneficiary For Life Insurance?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaSometimes life just happens. Your make plans and they change. Life insurance policies allow you to assign beneficiaries to receive your life insurance proceeds in the event of your demise. But sometimes you may want a “back up” beneficiary, in case the primary beneficiary has died or that relationships change. That’s a contingency plan. That’s a contingent beneficiary.Answered on July 6, 2013+01+1 this answer
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10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNA contingent beneficiary is a beneficiary that is next in line should the primary beneficiary die before the insured. This is most common use is with a husband and wife with children. If both parents were to die in a car accident or plane crash, their children would be named the contingent beneficiaries on the life insurance plan.Answered on November 24, 2014flag this answer
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