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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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โˆ™ 2008-11-29 20:35:05
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Nutrition

23 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

Why is beef fat a solid at room temperature

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Q: Can you have a secondary beneficiary on your life insurance?
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Related questions

When talking in life insurance what does contengent mean?

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.


What is a 2nd beneficiary of life insurance and retirement plans?

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.


What happens to life insurance benefits if beneficiary refuses payments?

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.


What if your name is on the life insurance policy As a tier TWO?

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.


Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?

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.


What is a contingeny beneficary?

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.


What is a beneficary?

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.


Who can legally change the beneficiary on a life insurance policy?

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


Do you have to have a beneficiary on your health insurance?

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


How old does a beneficiary have to be for to receive payment from a life insurance policy?

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


Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?

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.


Does a beneficiary on a life insurance prevail over a will request?

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.


Is life insurance taxable?

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.


Is life insurance consideredpart of the estate?

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.


Who is the beneficiary for your life insurance?

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.


When referring to life insurance what is the definition of a beneficiary?

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.


Insured which is me and beneficary Grandmother died who is entitled to the life insurance benefits?

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.


Who receives life insurance the beneficiary or absolute assignee?

beneficiary


What if the beneficiary of a life insurance is deceased?

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.


Can you contest a life insurance beneficiary change?

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


Who collects when there's no beneficiary on a life insurance policy?

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


Can a lover be a beneficiary in a life insurance?

You can make anyone you want the beneficiary.


Does a couple have to be legally married to be a beneficiary for each others life insurance beneficiary for their policies?

No. You can name who you choose as your beneficiary.


Can a life insurance beneficiary defer the proceeds to the secondary beneficiary?

Any answer to this question would have two conditions the first being the jurisdiction under which the policy operated. The second condition would be the form in which the insurance payout was proposed it could be either paid direct to the beneficiary or to the estate of the deceased. The important point being why would you want to go about the insurance payout in this manner?


If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?

The purchaser of an insurance policy names the beneficiary.