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.
Primary vs. Contingent Beneficiaries. When you establish a beneficiary for your life insurance benefit, you will be asked for the names and social security numbers of the people you wish to receive the policy proceeds. The first name is the primary (main) beneficiary.The second name will be the contingent or secondary beneficiary. According to Life Insurance Hub, a primary beneficiary is the person or persons first in line to receive your life insurance proceeds when you die.Single applicants typically list a parent, sibling or both.ccording to Life Insurance Hub, a primary beneficiary is the person or persons first in line to receive your life insurance proceeds when you die.