Contingent Life Insurance Beneficiary -What you need to know
Simply stated, a contingent life insurance beneficiary is someone you name that will receive the insurance proceeds should your named beneficiary predecease you or die at the same time as you.
For instance, if John Doe predeceases me, benefits should be paid to my son, James Smith and my daughter Jane Smith in equal shares.
Is it important to have a contingent life insurance beneficiary? Yes because you are clearly stating your wishes and there is no room for uncertainty.