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You can usually split the benefit among multiple beneficiaries as long as the total percentage of the proceeds equal 100 percent. Some people name a trustworthy adult their spouse, for example and rely on their judgment to consider giving money to benefit other family members or loved ones.
More than one primary beneficiary can be named, with the grantor able to direct particular percentages to each. If the primary beneficiary is no longer alive or able to collect, a contingent beneficiary may also be named.
Most single people with no kids will name their parents or siblings as primary beneficiaries. Someone who will have to pay off your debts or your funeral is another option. You can name each as a primary beneficiary if youre responsible financially for several family members.
Yes, you can designate multiple beneficiaries when you purchase your life insurance policy. When doing so, you will assign each beneficiary a percentage of the death benefit.
When you purchase a life insurance policy, youll be given the option of designating one or multiple beneficiaries to receive a death benefit in the case you pass away. There are almost no rules restricting who you can pick.
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Primary life insurance beneficiaries are the first in line to receive the death benefit if you die. Contingent life insurance beneficiaries, sometimes called secondary beneficiaries, receive the death benefit if the primary beneficiary dies before you do.
You can name one beneficiary or two or more beneficiaries. Youll typically be asked which percentage of the payout goes to each person for instance, you could designate 70% to a spouse and 30% to an adult child. Make sure to name a secondary beneficiary. Think of a secondary, or contingent, beneficiary as a backup.
A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isnt specifically left to another beneficiary.

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