Simply stated, a contingent beneficiary is someone you name that will receive the policy’s death benefit should your primary beneficiary die first.
For instance, if Jane Doe (my Wife) should die first, the benefits should be paid to my son, James Smith and my daughter Jane Smith in equal shares.
Is having a Contingent Life Insurance Beneficiary right for you?
Yes! Because you are clearly stating your wishes and there is no room for uncertainty. Should no living beneficiary be found any death benefit would be paid to the insureds estate, and could be taxable as part of an inheritance?
For over 30 years, AccuQuote has been helping customers save a ton of money on their life insurance. We offer many different types of life insurance options, including Term Life, Permanent Life, Disability Insurance and so much more. AccuQuote has been mentioned in such media outlets as Kiplinger’s, The Wall Street Journal, Crain’s, The New York Times, Consumer Reports, Forbes and more.
There are no insurance companies “pulling our strings.” Our fierce independence means you’ll get the best values when we shop the market on your behalf. We only represent the top-rated, brand-name life insurance companies that you know and trust.
For more information on the Contingent Life Insurance Beneficiary option, call AccuQuote at 800-442-9899.