Beneficiaries To Life Insurance Policies

Who Are Your Life Insurance Beneficiaries?

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Who are the beneficiaries to life insurance policies? When you buy a life insurance policies you are required to name at least one beneficiary. The life insurance company wants to know who to pay the proceeds of the policy to in the event of your death. There are 3 basic beneficiary categories.

The first is the primary beneficiary. This is the person or persons who will receive the money when you die.

The next category is the contingent beneficiary. If the primary should die before the insured the proceeds would go to the named contingent beneficiary. There can be more than one.

In the event of the death of the primary and contingent beneficiaries before the insured the proceeds would go to further payees if the applicant names further payees.

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