If you own a life insurance policy you choose who the beneficiary will be upon purchasing the policy.
You may choose more than one person to receive a portion of the proceeds from your life insurance policy.
If the primary beneficiary dies before you do, then you can change beneficiaries on your life insurance policy.
If the primary beneficiary dies after you do, but has yet to receive the proceeds from your life insurance policy after your death, then the money would go to the secondary beneficiary named on your life insurance policy.
If the only beneficiary of your life insurance policy dies before receiving the death benefit, the life insurance may have to go to the state of the insured person. However, you may want to speak with your life insurance agent, or a financial advisor about this situation.
Here's how you can learn more about the
beneficiary of a life insurance policy.
