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What is a Tertiary Beneficiary?

April 26, 2017Beneficiary tertiary

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What is a Tertiary Beneficiary?

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A tertiary beneficiary is another term for a third beneficiary that would be paid as default in the event the primary and secondary beneficiaries have died or do not qualify per specific instructions written. Example: Primary Beneficiary : 100.00% Jane Doe wife Secondary Beneficiary : 100.00% Jack Doe son Tertiary Beneficiary : 100.00% Jamie Doe daughter If Jane is living, she will receive 100%. If Jane is deceased, Jack will receive 100%. If Jane and Jack are deceased, Jamie will receive 100.00% If all 3 are living at claim time , only Jane receives the beneficiary money since she was the only person named Primary.