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A primary beneficiary is the person or entity (such as a foundation, charity, trust, etc.) you choose to receive the cash benefit from your life insurance policy. You can name one primary beneficiary or many. Should you choose to have more than one primary beneficiary, you also decide how the cash benefit will be split between them.

You should also name a “contingent,” or secondary, beneficiary just in case you outlive your first beneficiary. As with your primary beneficiary, benefits can be split among more than one contingent beneficiary.

As your life situation changes, so could your choice of beneficiary. It is a good idea to regularly review your beneficiary designation to make sure your choice is still appropriate.

Due to the various issues involved, your LifeHelp agent will be pleased to help you properly set up your beneficiary designation.