What are the different types of beneficiaries in life insurance?
An example of an AI chatbot conversation about life insurance beneficiary types.
What are the different types of beneficiaries in life insurance?
In life insurance, beneficiaries can be categorized mainly into three types: primary, contingent, and irrevocable.
Can you explain what a primary beneficiary is?
A primary beneficiary is the first person or entity designated to receive the death benefit from a life insurance policy.
What about contingent beneficiaries?
Contingent beneficiaries are secondary beneficiaries who receive the benefit if the primary beneficiary is unable to do so.
What does irrevocable beneficiary mean?
An irrevocable beneficiary cannot be changed without their consent, providing them with guaranteed rights to the policy benefits.
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