What does Contingent Beneficiary mean?

• An individual appointed by the insurance policy holder, who receives the payments from the insurance policy if death surveys to the primary beneficiary


• The person receiving the benefit from the insurance policy, but only in the case this beneficiary has been appointed through the will of the primary beneficiary.

Contingent Beneficiary explained

With the condition that the insurance policy is revocable, there is given the flexibility of making modifications to the contract and changing the contingent beneficiary. Many times insurance policies have an irrevocable aspect, especially in the industry of business, because these have as primal aim to offer insurance to the original beneficiary of the policy.