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What is an irrevocable beneficiary?

Many people choose to purchase life insurance to ensure that after they pass away their loved ones are provided for. This is possible because when you purchase a life insurance policy you are able to choose your beneficiary (or beneficiaries). But often, there are rules surrounding who can receive your death benefit and the type of access they have to the payout.

Contingent Beneficiaries

If you have recently drawn up your will, or opened a new life insurance or retirement account, you may have come across the phrase “contingent beneficiary”. What is a contingent beneficiary and why does it matter? It sounds complicated — but it’s not. Read on, and we will break down exactly what it means — and how it can impact your estate plans