[adam_89]

I didn't see a section for life insurance so I hope this section is OK.

I am raising my life insurance and I need to list my beneficiaries and it asks for a primary one which I understand but then it asks for a Contingent one. Is that just a back up beneficiary? So the primary one is who it goes to unless something happens to them then the money goes to the Contingent ones listed? Is that how it works or am I way off?

[JudyKayTee]

That's how it works - on MOST policies.

Primary gets proceeds if primary is alive. If not, contingent beneficiary BUT life insurance can be tricky.

It should be coordinated with a Will in many cases. Ask your agent to explain every word in every line.

[ebaines]

You are correct - the contingent beneficiary gets the proceeds if the primary is deceased.

By the way - there is a forum specifically for insurance questions in the "Money & Services" section.

[adam_89]

Thank you very much. That is what I was thinking but was a little confused with it. I will ask to make sure it is more clear.

[Stringer]

Morning Adam.

You also can have more than one beneficiary and express how you want it dispersed via an addendum.

[adam_89]

Thanks Stringer, I left my primary beneficiary as 1 person which is my mother because I am not married and really have no one else to leave it to so I chose her until I do get married. I listed my brother and sister as the contingent and split it between them. You know, it is pretty sad when you are worth more dead than you are alive. I am anyway.