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What is a contingent beneficiary?
The person that the insured chooses to receive the benefits of their life insurance only if all the primary beneficiaries no longer qualify as such or die before the insured. As with the designation of the primary beneficiary, if more than one contingent beneficiary is designated, the benefit percentage to be paid to each one must be indicated. These percentages must add up to 100% of the total. Should any of the primary beneficiaries no longer qualify to be so or dies before the insured, the benefit percentage corresponding to them will be paid to the remaining primary beneficiaries.
