Review primary and contingent designations after major life events. Minors, trusts, and “estate” designations have legal consequences — talk with an attorney when the setup isn’t simple. TennSure explains the word; I don’t take applications.
Beneficiary
- What it means
- The person or entity named to receive a life insurance death benefit (or similar contract proceeds) when the insured dies.
- Tennessee example
- You name your spouse primary beneficiary and a sibling contingent on a term policy purchased while living in Hendersonville.
- Why it hits your wallet
- Outdated beneficiaries after divorce or remarriage are a classic family disaster — the form often beats the will for that asset.