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What is a beneficiary?


Beneficiary is the person who receives the Life Insurance proceeds upon the death of the insured.  




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. 

Revocable Beneficiary 

A beneficiary designation that can be changed whenever the insured wishes. 

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