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Your primary beneficiary is first in line to receive your death benefit. If the primary beneficiary dies before you, a secondary or contingent beneficiary is the next in line. Some people also designate a final beneficiary in the event the primary and secondary beneficiaries die before they do.
Name only living persons as beneficiaries, unless you are naming a trust, your estate or an organization. Do not name the same person or organization as both a primary and secondary beneficiary. Do not use the word \u201cor\u201d when designating multiple beneficiaries. Do not impose any conditions on payment.
A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die.
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit.
No, these forms are not required. If the order of precedence listed below meets your needs, you don't need to do anything. However, if you wish to name a person or persons not included below, or name them in a different order, you will need to have a beneficiary form on file.

People also ask

The beneficiary designation forms allow you to name primary and secondary beneficiaries. Your \u201cprimary beneficiaries\u201d are the first people or entities that you want to receive your benefit after you die.
There are different types of beneficiaries; Irrevocable, Revocable and Contingent.
No, these forms are not required. If the order of precedence listed below meets your needs, you don't need to do anything. However, if you wish to name a person or persons not included below, or name them in a different order, you will need to have a beneficiary form on file.
There are different types of beneficiaries; Irrevocable, Revocable and Contingent.
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.

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