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Life insurance: Primary vs contingent beneficiary percentage amounts
The 2019 Stack Overflow Developer Survey Results Are In
Unicorn Meta Zoo #1: Why another podcast?
Announcing the arrival of Valued Associate #679: Cesar ManaraUsage-Based Insurance Devices (Like Progressive's Snapshot) - Evidence of Liability and Public PolicyLiability insurance requirements when renting a carHouse Insurance, fine art and “Actual Cash Value”?Which insurer is liable for a peril than spans two policy periodsDo I have to notify the other party of changes I made to the contract before signing it?Can a non-insurance company create a financial “float” like insurance companies do?Can a sibling contest a life insurance policy?No-Fault State Auto InsuranceLife insurance and declining medical treatmentInsurance company didnt transfer car out of my name
I am filling out a life insurance policy form, and it is asking for both primary and contingent beneficiaries AND the percentage amounts for them. It is my understanding that the contingent are payed out only if the primaries are dead.
What percentage should I list for the contingent person when I won't know how many of my primaries would be dead?
In particular, consider the hypothetical form with two primaries and one contingent. I'd list 50% for both primaries, but it is unclear what the contingent should have.
Primary: Person A (50%), Person B (50%)
Contingent: Person C (??%)
insurance
asked Jul 16 '18 at 21:20
legalboilegalboi
1
bumped to the homepage by Community♦ 4 mins ago
This question has answers that may be good or bad; the system has marked it active so that they can be reviewed.
add a comment |
I am filling out a life insurance policy form, and it is asking for both primary and contingent beneficiaries AND the percentage amounts for them. It is my understanding that the contingent are payed out only if the primaries are dead.
What percentage should I list for the contingent person when I won't know how many of my primaries would be dead?
In particular, consider the hypothetical form with two primaries and one contingent. I'd list 50% for both primaries, but it is unclear what the contingent should have.
Primary: Person A (50%), Person B (50%)
Contingent: Person C (??%)
insurance
asked Jul 16 '18 at 21:20
legalboilegalboi
1
bumped to the homepage by Community♦ 4 mins ago
This question has answers that may be good or bad; the system has marked it active so that they can be reviewed.
add a comment |
I am filling out a life insurance policy form, and it is asking for both primary and contingent beneficiaries AND the percentage amounts for them. It is my understanding that the contingent are payed out only if the primaries are dead.
What percentage should I list for the contingent person when I won't know how many of my primaries would be dead?
In particular, consider the hypothetical form with two primaries and one contingent. I'd list 50% for both primaries, but it is unclear what the contingent should have.
Primary: Person A (50%), Person B (50%)
Contingent: Person C (??%)
insurance
asked Jul 16 '18 at 21:20
legalboilegalboi
1
I am filling out a life insurance policy form, and it is asking for both primary and contingent beneficiaries AND the percentage amounts for them. It is my understanding that the contingent are payed out only if the primaries are dead.
What percentage should I list for the contingent person when I won't know how many of my primaries would be dead?
In particular, consider the hypothetical form with two primaries and one contingent. I'd list 50% for both primaries, but it is unclear what the contingent should have.
Primary: Person A (50%), Person B (50%)
Contingent: Person C (??%)
insurance
insurance
asked Jul 16 '18 at 21:20
legalboilegalboi
1
asked Jul 16 '18 at 21:20
legalboilegalboi
1
asked Jul 16 '18 at 21:20
legalboilegalboi
1
asked Jul 16 '18 at 21:20
legalboilegalboi
1
asked Jul 16 '18 at 21:20
legalboilegalboi
1
1
bumped to the homepage by Community♦ 4 mins ago
This question has answers that may be good or bad; the system has marked it active so that they can be reviewed.
bumped to the homepage by Community♦ 4 mins ago
This question has answers that may be good or bad; the system has marked it active so that they can be reviewed.
add a comment |
add a comment |
1 Answer
1
active
oldest
votes
The primary beneficiary percentages should add to 100%. The contingent beneficiary percentages should show the percentage of the failed transfer to the primary beneficiary that goes to the contingent beneficiary (i.e. 100% in your example).
The contingent would be paid if either of the primaries were dead in the way you have set it out. It is usually possible to attach a more clear full explanation of your beneficiary designation if possible. For example, you might say Primary A (50%) and B (50%). Contingent: Survivor of A and B 100%. Second contingent C 100%.
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
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The primary beneficiary percentages should add to 100%. The contingent beneficiary percentages should show the percentage of the failed transfer to the primary beneficiary that goes to the contingent beneficiary (i.e. 100% in your example).
The contingent would be paid if either of the primaries were dead in the way you have set it out. It is usually possible to attach a more clear full explanation of your beneficiary designation if possible. For example, you might say Primary A (50%) and B (50%). Contingent: Survivor of A and B 100%. Second contingent C 100%.
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
add a comment |
The primary beneficiary percentages should add to 100%. The contingent beneficiary percentages should show the percentage of the failed transfer to the primary beneficiary that goes to the contingent beneficiary (i.e. 100% in your example).
The contingent would be paid if either of the primaries were dead in the way you have set it out. It is usually possible to attach a more clear full explanation of your beneficiary designation if possible. For example, you might say Primary A (50%) and B (50%). Contingent: Survivor of A and B 100%. Second contingent C 100%.
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
add a comment |
The primary beneficiary percentages should add to 100%. The contingent beneficiary percentages should show the percentage of the failed transfer to the primary beneficiary that goes to the contingent beneficiary (i.e. 100% in your example).
The contingent would be paid if either of the primaries were dead in the way you have set it out. It is usually possible to attach a more clear full explanation of your beneficiary designation if possible. For example, you might say Primary A (50%) and B (50%). Contingent: Survivor of A and B 100%. Second contingent C 100%.
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
The primary beneficiary percentages should add to 100%. The contingent beneficiary percentages should show the percentage of the failed transfer to the primary beneficiary that goes to the contingent beneficiary (i.e. 100% in your example).
The contingent would be paid if either of the primaries were dead in the way you have set it out. It is usually possible to attach a more clear full explanation of your beneficiary designation if possible. For example, you might say Primary A (50%) and B (50%). Contingent: Survivor of A and B 100%. Second contingent C 100%.
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
answered Jul 16 '18 at 21:28
ohwillekeohwilleke
52.9k259134
52.9k259134
add a comment |
add a comment |
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