A secondary or contingency beneficiary is not the first person or entity that will be paid on a death claim. The policy owner elects a primary beneficiary, and should the primary beneficiary be deceased or determined to be illegal; the life insurance carrier will then payout the secondary beneficiary.
Copyright 2020. Sequoia Life Settlements. All rights reserved. Sequoia Life Settlements is a marketing company that provides educational and other information about life insurance settlements. Sequoia Life Settlements may refer qualified policy holders to licensed life settlement entities and may be compensated for transactions originated on this website. The information on this website is not directed to individuals or entities outside the United States or elsewhere, where prohibited by law.