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What is the difference between a primary and contingent beneficiary?

April 26, 2017Beneficiary Contingent primary

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What is the difference between a primary and contingent beneficiary?

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A primary beneficiary is the person (persons) you have appointed to receive the proceeds of your life insurance plan. A contingent beneficiary is the person (or people) you appoint to receive the proceeds of your life insurance plan in the event that your primary beneficiary dies before you, the policyowner, die.