What are the different types of beneficiaries?

It’s typically a good idea to select both a primary and a contingent beneficiary. Here’s the difference between the two.

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Transcript:
A primary or direct beneficiary is the first person in line when somebody passes away to receive those benefits. Whether it’s a life insurance plan or an investment of some sort, it’s the direct person or the first person in line. And then the contingent or the second beneficiary is if a direct person or the primary is no longer living, that person would then receive those benefits if the person is deceased, or, you know, unable to receive those funds due to a mental capacity.