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What is the difference between primary and contingent beneficiary?

April 26, 2017Beneficiary Contingent difference primary

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What is the difference between primary and contingent beneficiary?

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The primary beneficiary is the person, people or organization that you wish to receive the monies in the event of the insured’s death. The contingent beneficiary is the person, people or organization that will receive the monies only upon the death of all the primary beneficiaries.