Secondary Beneficiary

  • A Secondary Beneficiary also called Contingency Beneficiary is a person or entity that is entitled to the proceeds paid by a life insurance carrier following the filing of a death claim on an Insured who has died.
    • 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.