Sentences with phrase «secondary beneficiaries remain»

Contingent beneficiaries will only receive the death benefit payout if no primary or secondary beneficiaries remain alive when the death of the insured occurs.

Not exact matches

So if you choose a 20 payment term, and your primary beneficiary dies after 10 years, the secondary beneficiary will receive the payments for the remaining 10 years.

One key point to make here is that if two or more primary beneficiaries are selected, and one or more of them is dead upon the passing of the insured person, the money will be distributed to the remaining primary beneficiaries, rather than any of the funds going to the secondary beneficiaries.