What are the different types of Life Insurance Beneficiaries?

A beneficiary under a life insurance policy is someone who gets a death benefit after the insured or the policyholder passes away.?

Let’s learn about some of its types.?

• Primary Beneficiary: A primary beneficiary will receive the death benefit after the insured’s death.?
• Contingent Beneficiary: If the primary beneficiary passes away before the insured’s death, then the death benefit will go to the contingent or secondary beneficiary.?
• Revocable Beneficiary: A Revocable Beneficiary is someone who will receive the death benefit but can be removed by the policyholder at any time without the policyholder's consent.?
• Irrevocable Beneficiary: An Irrevocable beneficiary cannot be removed by the policyholder without consent. If the policyholder changes his mind, both he and the beneficiary have to agree and sign.?
• Estate Beneficiary: Instead of naming individuals as beneficiaries, the policyholder designates their estate or trust as the beneficiary. So, according to the will, the proceeds are distributed.?
• Per Stirpes Beneficiary: Under this type, if the primary beneficiary dies before the insured, then the share of the death benefit will go to the deceased’s children or grandchildren.?

These were some of the types of life insurance beneficiaries.?