Owner of life insurance policy dies

What does it mean to have 2 beneficiaries?

A secondary beneficiary, also known as a contingent beneficiary, is a person or entity that inherits assets under a will, trust, or account (e.g., insurance policy or annuity) when the primary beneficiary dies before the grantor .Jun 20, 2020

You can name a combination of persons, trusts or organizations as your beneficiaries . However, your spouse cannot be named as one of a number of multiple beneficiaries because pension legislation requires that if you have a spouse, they must be your sole beneficiary.

If you have listed multiple primary beneficiaries in your life insurance policy and one of them dies, then the proceeds of their share are split among the remaining beneficiaries .Jun 19, 2021

Yes, you can have multiple primary beneficiaries . And not only primary beneficiaries, but we also recommend you name contingent beneficiaries. To quickly explain what these are, primary beneficiaries are the people you want your life insurance money going to.Apr 11, 2018