Learn about the different types of life insurance policy beneficiaries: primary life, secondary life, and final life.
Life insurance beneficiary terminology can be confusing. There are many different angles and many different situations that can prevent your life insurance beneficiaries from being a straightforward choice. The PivotCare Team is always available and always willing to walk through your specific situation with you to help best determine the designated life insurance beneficiary types on your policy.
While this is a personal decision, we do have some information that can help to make it easier for you to choose the right life insurance beneficiary and life insurance beneficiary type for your specific situation.
The first thing to consider is whether your life insurance beneficiaries will be designated as revocable or irrevocable:
Revocable beneficiaries of a life insurance policy can be removed from the policy benefits at any time by the policy owner or holder.
Irrevocable beneficiaries must give personal authorization to be removed as a beneficiary of a life insurance policy, giving the policyholder less ability to designate beneficiaries through the years.
There are three different types of beneficiaries that should be named on each life insurance policy, regardless of their status as revocable or irrevocable:
Primary life insurance policy beneficiaries are the first people to receive the benefits in the event of the insured’s death.
Secondary life insurance policy beneficiaries receive benefits only in the event of the insured and primary life insurance beneficiaries’ deaths.
Final life insurance policy beneficiaries refer to the person, group or charity that is granted the insured’s life insurance policy benefits if the insured, primary and secondary beneficiaries have all passed away.
Contact a PivotCare Team member today to help discuss your options and your current situation. We are here to help you!
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