What is a beneficiary?
Beneficiary is the person who receives the Life Insurance proceeds upon the death of the insured.
|
BENEFICIARY |
RIGHTS |
|
Primary Beneficiary |
The Person who will receive the Insurance Proceeds. |
|
Contingent Beneficiary |
The Person to receive the insurance proceeds, if the primary beneficiary did not survive the insured. |
|
Irrevocable Beneficiary |
The person who has vested rights to the insurance proceeds at the time of death of the insured. A right of such nature cannot be reduced or destroyed without the beneficiary’s consent. |
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Revocable Beneficiary |
A beneficiary designation that can be changed whenever the insured wishes. |
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