What is a primary beneficiary?

The person designated by the insured to receive the benefits of their life insurance. If more than one primary beneficiary is designated, the benefit percentage owed to each one of the primary beneficiaries must be indicated. These percentages must add up to 100%. Should any of the primary beneficiaries no longer qualify to be so or die before the insured, the benefit percentage corresponding to them will be paid to the remaining primary beneficiaries. It is recommended that the benefit designation document be reviewed periodically to keep the information related to the beneficiaries up to date.