Beneficiary Designations

Revocable Beneficairy

An irrevocable beneficiary designation means that the policy owner cannot change the beneficiary without the irrevocable beneficiary's consent. *The policy owner has the right to change the beneficiary designation without the beneficiary's consent

Change of Plan Provision

gives the policy owner the privilege of exchanging the policy for some other contract issued by the company

Class Beneficiary

A specific individual is not named but is a member of a group to whom the proceeds are paid. One example of a class beneficiary designation would be "children of the insured."

Contingent (secondary) Beneficiary

The beneficiary entitled to the policy proceeds if the primary beneficiary is not alive.

Specific Beneficiary

The beneficiary is named and can be identified. For example, Martha Smith may be specifically named to receive the policy proceeds if her husband should die.

The Beneficiary

The beneficiary is the person or party named in the policy to receive the policy proceeds There are numerous beneficiary designations in life insurance including:

Primary Beneficiary

The first party who is entitled to receive the proceeds at the insured's death.