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Your life insurance beneficiary should be someone that has an insurable interest in receiving the life insurance payout, which means they’d suffer financially if you died. What happens when the beneficiary of a life insurance policy is deceased? The funds are split among the surviving primary beneficiaries or go to your contingent beneficiaries.What is a contingent beneficiary on a life insurance policy?
Most likely, your primary beneficiary is still the recipient because they were living at the time of your death. But if the primary beneficiary never filed an insurance claim, the death benefit will go to the contingent beneficiary — as long as they file a claim.Can a child be a beneficiary of a life insurance policy?
Naming a child as a life insurance beneficiary. As long as you paid your premiums, the life insurance company will pay out a death benefit to the people or organizations you designate to receive it, which are called beneficiaries. You’ll choose a primary beneficiary or beneficiaries as well as secondary beneficiaries.Can a custodian of a life insurance policy be a beneficiary?
If you want to designate someone other than the child’s surviving parent to be the custodian, you need to specify this in your policy. This person will put the death benefit into a custodial account, such as a life insurance trust or UTMA account, to receive the payout as the beneficiary.