If you've been a long time fan or client of wt360 you know we called for the coldest Summer in 5 years and wet-no drought in our forecast for the Eastern half of the U.S. this Summer. Hopefully that gives you a little hope that they can be totally wrong and not to panic on the Winter just yet.
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. If you donât name a beneficiary, the death benefit will be paid to your estate. Two âlevelsâ of beneficiaries. Your life insurance policy should have both âprimaryâ and âcontingentâ beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary canât be found.
Definition: The beneficiary is the term in a life insurance or annuity insurance contract that identifies who will receive the benefit in the event of the insured death. A policy may have more than one beneficiary. The beneficiary can be revocable or irrevocable. The primary beneficiary is the person who first would receive the benefits of an insurance policy. If the primary beneficiary is deceased then the contingent beneficiary would receive the proceeds of the insurance policy. A contingent beneficiary is also sometimes called a secondary beneficiary. It is important to understand the role of the beneficiary in the insurance contract to ensure that regardless of circumstance the right person will receive the benefit. Beneficiary can also refer to someone who receives benefits from a health insurance policy such as payments for a health care service. How to Choose Your Beneficiary. Choosing a beneficiary on a life insurance policy can be as challenging as figuring out what kind of life insurance to buy.