Whole Life Insurance Rates Orlando Florida FL

Reader’s Question:

Hello. I live in beautiful Orlando Florida FL. I hope you can explain the difference between a primary and contingent beneficiary in a whole life insurance policy. Thanks,

Matty

Orlando, FL

Welcome Matty,

That is a very good question Matty. The owner of a whole life insurance policy should always list both a primary and secondary or contingent beneficiaries.

As the name indicates, the primary beneficiary will receive the stated death benefit amount in a whole life insurance policy upon the owner’s death. If the primary beneficiary cannot be found or located following the owners death, the death benefit will then be forwarded to the contingency beneficiary. If neither the primary or contingent beneficiaries can be located, the death benefit will be transferred to the owner’s estate.

We believe it is a good idea to check all insurance policies once a year. To change the beneficiaries of a whole life insurance policy is easy enough. The owner can call the agent or the whole life insurance company and modify the declared beneficiary. Only the owner of the whole life insurance policy or the owner’s appointed representative can make changes to the policy.

If you are seeking whole life insurance coverage, you have come to the right place. By completing the whole life insurance online inquiry form on this page, you will receive proposals from the best whole life insurance companies in the country. We can even connect you to agents in the Orlando FL area. Hope this helps, Matty.

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