Benefits Lesson

Primary vs Contingent Beneficiaries

What is the difference between the two types of Beneficiaries?

Lesson Script

What This Video Covers

A life insurance death benefit is paid the primary beneficiaries first. If, however, the primary beneficiaries have already passed away, the money will then go to the contingent beneficiaries if they were selected by the insured. For example, you may have your Husband listed as the Primary and your children listed as Contingent. If your husband passes first, your death benefit will then go to the children automatically.
Insurance Terms to Know

Health Savings Account

A health savings account is a tax-advantaged account used with qualifying high deductible health plans to pay eligible medical expenses.