Beneficiary
Person or entity designated to receive life insurance proceeds when the insured dies.
Plain definition
A beneficiary is named on the life policy to receive the death benefit. Primary beneficiaries are first in line; contingent beneficiaries receive if primaries predecease the insured. Changes usually require insurer-approved forms, not informal notes.
Why it matters
Outdated ex-spouses or blank beneficiary lines send proceeds to estates, probate delays, or default rules you did not intend.
Example
You name your spouse primary and sibling contingent. If both die before you, the policy may pay your estate unless you update naming.
Common misunderstanding
A will does not automatically override life insurance beneficiary designations. The policy contract generally controls.
Policy language always controls. This is educational content, not advice. See our disclaimer.