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Can I choose more than one beneficiary?

Maria Ferrante-Schepis
Financial Health
You can choose as many beneficiaries as you want. Beneficiaries can be primary, which means they get first priority for the payout. They can be secondary, which means they only get the payout if all the primary beneficiaries are no longer living. Or they can be tertiary, which basically means they are third in line and get the proceeds only if all of the primary and secondary beneficiaries are no longer living.

You can, however, also arrange it so that the portion you wanted to go to beneficiaries that are no longer living can go to someone else you designate. Typically, people designate their spouses as primary beneficiaries, their kids as secondary beneficiaries and their grandchildren as tertiary beneficiaries. In that example, then your spouse will get the entire payout if alive at the time of your death. If he/she is not alive, then the payout would be split among all your living children. If none of your children are alive at that time, it would be split among the grandchildren. You can arrange to have benefits payable in any way you’d like, but you need to think it through carefully, considering who would get what amount if certain people were alive or not at the time of your death. It’s best to talk that part through with a professional if you are unsure. It is also important to update your beneficiary as family situations change.

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.