Contingent Beneficiary
A lot of employees do not understand what contingent beneficiary means. Most think that it is to be shared with the primary beneficiary so they don’t want to assign a contingent.
We explain that a contingent beneficiary is a second beneficiary. This person is the one that, should something happen to you and your beneficiary at the same time (such as a car accident), they become the 'next in line' for the proceeds. A usual reply is “I’ve never thought about thatâ€.
