If you've been a long time fan or client of wt360 you know we called for the coldest Summer in 5 years and wet-no drought in our forecast for the Eastern half of the U.S. this Summer. Hopefully that gives you a little hope that they can be totally wrong and not to panic on the Winter just yet.
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. If you donât name a beneficiary, the death benefit will be paid to your estate. Two âlevelsâ of beneficiaries. Your life insurance policy should have both âprimaryâ and âcontingentâ beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary canât be found.
1 If you name your estate as beneficiary, the proceeds will be become entangled in the estate probate and could cause potential tax issues. 2  Your creditors will also be able to place their claims against the estate proceeds. 3  Named beneficiaries get the proceeds of a life insurance death benefit directly. The contingent beneficiary will not receive any of the life insurance proceeds if the primary beneficiary is still alive when the insured person dies. 2  The contingent beneficiary is only entitled to receive proceeds if the primary beneficiary dies before the named insured.