What is a contingency beneficiary?

Answer 1

Best Answer - Chosen by Voters

If the primary beneficiary dies before you do, then the "contingent" beneficiary gets the money.

Source(s):

agent, 20+ years

Answer 2

NOT THE PRIMARY BUT THE SECONDARY..
CASE THE PRIMARY PASSES AWAY THE CONTINGENCY
BENEFITS

Answer 3

Contingent beneficiary is the person or persons that you want your estate to go to in the event that your beneficiary is not living. Often on a life insurance or 401k a person will name their spouse as beneficiary. But in the case of an accident that may kill both you and your spouse you have the opportunity to designate someone else to receive the benefits.