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Answered 2008-11-29 20:35:05

Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.

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In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.


A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.


Tier Two [in Beneficiary Designation] refers to secondary beneficiary which also refers to the person, persons, or class of people who will collect the life insurance proceeds in the event of the death of the insured _and_ the primary beneficiary is not alive.


Most life insurance policies have a primary and secondary beneficiary. If the primary signs away all their present and future rights to the benefits then it will be left to the secondary beneficiary. If there is no secondary beneficiary or the secondary beneficiary is deceased the money would be left to the estate of the insured and subject to probate. This would place the funds subject to estate taxes if the estate is large enough. As a matter of full disclosure, I own and operate a small Independent Insurance Agency for the past 22 years and worked as an agent for direct writers for 3 years prior to that.


In general, no. You only need a beneficiary for life insurance.


The Insured can change the beneficiary on a life insurance contract.


Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.


Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.


There is no age restriction for a beneficiary on a life insurance policy.


No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.


The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.


A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.


Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.


If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.


When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.


The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.


You can make anyone you want the beneficiary.


There are five basic participants involved in a life insurance contract. # Contract (policy) Owner# Agent# Insured# Primary Beneficiary# Secondary Beneficiary---- The Five Participants: 1. Contract owner The contract owner is the person that actually owns the insurance policy. 2. Agent The insurance company (see notes below) 3. Insured The Insured is the person whose life is being insured. 4. Primary Beneficiary The primary beneficiary is the person who receives the death benefit when the insured dies. 5. Secondary Beneficiary The secondary beneficiary is an alternate beneficiary that will receive the death benefit if the primary beneficiary previously died. ---- An Example: For example, a wife may purchase a life insurance policy on her husband. The wife would be the owner and the husband the insured. She may name their children as the primary beneficiaries. In this case the children, not their mother, would receive the death benefit when their father dies. On the other hand, if the wife had listed herself as beneficiary and the children as the secondary beneficiaries, the wife would receive the death benefit. Then had the husband and wife died together, say - in a car accident; the children, as secondary beneficiaries, would receive the death benefit on the life policy on their father. ---- Notes:There are two parties in an agency relationship: 1. The party being represented - the client 2. The party doing the representing - the agent An insurance agent represents his client - the insurance company. The insurance purchaser is the insurance agent's customer. The purchaser is the client of the insurance company.


When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.


who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file



A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?


Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance


If you are the insured and your beneficiary died, and you had a secondary beneficiary then the money would go to the secondary. If you had split beneficiaries, then her cut would get funneled to the other beneficiaries. If you didn't have split beneficiaries or secondary beneficiary, the money should go to your estate where your creditors would get first pickings. Therefore, I would get myself to the insurance company (phone, website, broker) and update that policy ASAP.




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