Definition: In a life insurance policy or an annuity plan, contingent beneficiary gets proceeds from the policy in the event of a demise of the primary beneficiary at the same time as that of the ...

When setting up your 401(k), you’re typically asked to name: Primary Beneficiary – The first in line to receive your 401(k) funds. Contingent Beneficiary – The backup recipient, in case your primary ...

In general, there are two types of beneficiaries: a primary beneficiary and a contingent beneficiary. Here’s the difference: A primary beneficiary is first in line to receive any distributions ...

but what happens if the primary beneficiary has already passed away? That’s when you need a contingent beneficiary, sometimes called the secondary beneficiary. You can have one or more primary ...

In general, there are two types of beneficiaries: a primary beneficiary and a contingent beneficiary. Here’s the difference: Not all financial accounts allow you to specify a contingent beneficiary.

A beneficiary is someone who receives a financial asset that was once owned by someone else. Choosing beneficiaries helps ensure that your assets go to the right people once you pass on.

If you’re a contingent beneficiary—that is, you’re entitled to all or part of the death benefit ... so it never hurts to gather as much relevant information as you can and start the process sooner ...

Designating beneficiaries on financial products ensures a smooth transfer of assets, avoiding probate. Learn about options ...

Be sure to review all of your beneficiaries to ensure they reflect your current intentions, to avoid legal disputes or unintended allocations. Don’t forget to name contingent beneficiaries as a ...