What does Secondary Beneficiary mean? Read on to discover the definition & meaning of the term Secondary Beneficiary - to help you better understand the language used in insurance policies.
A secondary beneficiary is a person who is designated to receive benefits of a life insurance policy, trust or will if the primary beneficiary dies before the assets can be administered to that person. Many people select secondary beneficiaries to make sure that their money has a person to go to even if it cannot go to their first choice.
We hope the you have a better understanding of the meaning of Secondary Beneficiary.