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.
For example, if you name your daughter as the primary beneficiary on your life insurance policy and your son as the contingent beneficiary, your daughter receives the entire $100,000 if she is alive when you die, and your son receives nothing.If your daughter dies before you, your son receives the entire $100,000.eneficiaries do not have rights to your assets while you are still alive, so you are free to change your beneficiary designations at any time. If you marry or divorce, you may wish to review the beneficiary designations on your life insurance policies, retirement accounts, bank accounts and any other assets.