Types of Life Insurance Beneficiaries
In the language of life insurance, a beneficiary is the recipient of the proceeds of a policy when the named insured dies. Life insurance beneficiaries are typically categorized as primary or contingent. A primary beneficiary is entitled to the proceeds of the policy upon the death of the insured, but such rights expire if he or she dies before the insured. A contingent (or secondary) beneficiary is entitled to the policy proceeds if the primary beneficiary has predeceased the insured.

A beneficiary can also be either specific (a person identified by name and relationship) or a class designation (a group of individuals such as the "children of the insured"). While the naming of specific beneficiaries is usually clear-cut, unintended complications can arise when designating classes of beneficiaries.

The owner of a life insurance policy has a great deal of flexibility in naming beneficiaries and can generally name anyone he or she chooses. When making beneficiary decisions, it is important to ensure that the wishes of the policy owner are fulfilled and that legal complications are avoided.

CRN200801-2012557

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Jennifer R. Small
Lincoln Financial Advisors
1300 York Road
Suite 200
Lutherville, MD 21093

ph: 410.339.6600
fax: 410.823.6570
mobile: 410.303.3783

jennifer.small@lfg.com

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CRN: 200710-2008854