Posted By Law Offices of Steven M. Adler, PLLC
When you buy a life insurance policy, you should name a beneficiary. The beneficiary to whom the proceeds would be paid first is called the Primary Beneficiary. The secondary or Contingent Beneficiary is the person who would be paid the proceeds if the Primary Beneficiary predeceases. This sounds simple, but designating life insurance beneficiaries can be tricky and when mistakes are made they may ...