The primary beneficiary will receive the benefit if he or she is alive at the time of your death.

If the primary beneficiary is deceased at the time of your death and you haven’t updated your policy, the benefit will go to your contingent beneficiary.

Similarly, if the contingent beneficiary is deceased at the time of your death, the benefit will go to your tertiary beneficiary.

When selecting a beneficiary, the most important factors may be whether you’re married or single and whether you have children.

If you’re married without children, you may want to name your spouse as your primary beneficiary and a sibling or a parent as your contingent beneficiary.

If you’re married with children, you may want to name your spouse as your primary beneficiary and your children as your contingent beneficiaries.

If your children are minors at the time of your death, their guardian will receive the benefit on their behalf.

If you’re single with children, you may want to name your children as your primary beneficiaries and a sibling or a parent as your contingent beneficiary.

If you’re single without children, you likely have more options. For example, you might want to name a sibling as your beneficiary.

You can also create a trust and name it as your beneficiary or name a charitable organization.

Beneficiaries are easily changeable, so don’t feel stuck with a decision.

Also, remember to update your beneficiaries after any life changes, such as a death or divorce.