Contingent Beneficiary Forms: Fill & Download for Free

It is mandatory to nominate beneficiary(s) in a Life Insurance policy. Types of these beneficiaries are as under:Primary Beneficiary(s) - First one(s) to receive the claim of a life insurance policy in case the life insured dies.Contingent Beneficiary(s) - Also called the Secondary Beneficiary(s) who become entitle to a claim in the event of death of the life assured if the Primary Beneficiary had died & the life assured had not nominated another Primary Beneficiary. The Contingent Beneficiary also becomes entitle to the claim if the life assured & the primary beneficiary dies simultaneously. If no contingent beneficiary was nominated & both, the life assured & the primary beneficiary died simultaneously, the insurer will demand a Succession Certificate from a Civil Court and will disburse claim accordingly.If minors were nominated as Beneficiaries, a Guardian has to be nominated to claim the death proceeds of life insurance policy on behalf of minors. However, if the Guardian died before the death of the life assured and no other Guardian was nominated, the matter will again go to the court for decision or for the issuance of a Succession Certificate and the insurer will disburse the claim according to court’s decision.Revocable Beneficiary - Policy owner has the exclusive right to replace this type of beneficiary without the knowledge or consent of the beneficiary.Irrevocable Beneficiary - Policy owner cannot change this type of beneficiary without the consent of the beneficiary.Hope this has clarified your question.Thanks for A2A.

NO. ABSOLUTELY NOT, unless… the primary beneficiary is deceased in which case the contingent beneficiary(s) would get the benefits. Simple answer.

Who are the beneficiaries of a will?Beneficiaries of a will would be persons or entities the testator designated to receive bequests. To determine the beneficiaries, the will must be read.Persons, obviously, are people. Entities can include but not be limited to charitable organizations or trusts.A well drafted will will set up primary and contingent beneficiaries; primary beneficiaries are self explanatory; contingent beneficiaries are persons or entities who would take a primary beneficiary’s gift if s/he/it predeceases testator or is otherwise not available to receive his/her/its gift.An example of a contingent beneficiary would be a testator’s grandchildren. Testator may have directed that his/her residuary estate be given in approximately equal shares to his/her children. But if a child or children predeceases testator, testator may direct that the deceased child/childrens’ share(s) be distributed to his/her children then living. These living children would be contingent beneficiaries.Finally, sometimes charitable organizations to which testator leaves bequests close down. Testator could have instructed that in that event the organization’s bequest should return to residue and be distributed to the other beneficiaries as part of their bequests. Or testator’s will could have instructed the personal representative (executor) to locate a charitable organization similar to the extinct organization and distribute the bequest to it.