Megapolis Insurance

If you are married your beneficiary would normally be your spouse. If you are part of a partnership or corporation you would name the business itself or the actual partners or shareholders. Here is how it works, there are different levels.

Your actual beneficiary for the proceeds of your policy is known as the primary beneficiary. You name a contingent or secondary beneficiary in the event the primary beneficiary dies before the proceeds are paid and the owner did not get to changing the person who would receive the money.

If no change was made and both the primary and contingent beneficiaries should die before the insured then the proceeds would go to named “further payees”.

Instead of naming a beneficiary you could put “Estate” as your beneficiary but this would cause your proceeds to be subject to Federal Income Taxes. There normally are no taxes payable when an actual person is named to receive your life insurance proceeds.

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