1. 1350 POINTS
    Katherine McDaniels
    Owner/Insurance Broker, KM Health Insurance Services, Hazel Crest, Illinois
    Great question.  A contingent is the person or persons that would collect the life insurance in the event that the beneficiary has expired.  So basically if the insured expires and the insureds beneficiary expires, then the contingent will be paid the benefits of the life insurance policy.
    Answered on May 11, 2013
  2. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    A contingent in life insurance is a back up beneficiary or a back up policy owner. The policy owner has the option of naming a primary beneficiary (or beneficiaries) and may also wish to have contingent beneficiaries. Tertiary beneficiaries are the back up to the back up.

    While it may seem like overkill to have such layers, bear in mind that many contracts will remain unchanged for decades, despite best efforts for life insurance professionals to engage clients in policy reviews every three years. In that time, policy owners desires may have changed about who they want to receive proceeds, divorces happen, beneficiaries predecease insureds, etc.
    Answered on May 11, 2013
  3. 11783 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    What is a contingent for life insurance? Contingent is a term applied to the seconary beneficiary. The contingent beneficiary comes into play on a life policy when the primary beneficiary has also passed prior to the death of the insured or decides to turn down the benefit offered to them.
    Answered on May 11, 2013
  4. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    The word "contingent" "dependent upon something else". In life insurance, the contingent beneficiary collects the death benefit if the primary beneficiary or beneficiaries predecease the insured person. In policies where the insured and owner are different people, the contingent owner would own the policy if the original owner died.
    Answered on November 20, 2014
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