A primary beneficiary is the first person(s) in line to receive the claim benefit. A contingent beneficiary, also known as a secondary beneficiary, will receive the benefits if the primary beneficiary is unable to do so.
A Primary Beneficiary is the person (or persons) first in line to receive the claim benefit from your life insurance policy — typically your spouse, children or other family members.
The Contingent Beneficiary, also known as the secondary beneficiary is designated to receive the benefits if the primary beneficiary is unable to do so (e.g., if the primary beneficiary has predeceased).
For Legal Beneficiaries;
A. FOR MARRIED PLANHOLDERS -- Legal Spouse and Children
B. FOR SINGLE PLANHOLDERS (with children) -- Children
C. FOR SINGLE PLANHOLDERS (without children) -- Parents, Grandparents
- Married but separated planholders (no final judgment from the courts declaring annulment of marriage, legal separation or judicial separation of community/conjugal property) fall under A.
- Widowed planholders and those whose marriages are legally annulled/legally separated by final judgment from the courts with children fall under B and those without children fall under C.
Important Note:
Common-law spouses (live-in relationships), friends, and non-family members cannot be designated as legal beneficiaries.