Beneficiary
Insurance Glossary
The person, people, trust or organization named in a life insurance policy to receive the death benefit. A primary beneficiary is first in line, and a contingent beneficiary receives the proceeds if no primary is living when the insured dies. The designation on file with the insurer controls who is paid and overrides what a will says, so it needs updating after a marriage, a divorce or a death in the family.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.