The proceeds from a life insurance policy that are paid out after the insured person dies would go to the person or persons named as the primary beneficiary on the life insurance policy.
The primary beneficiary is the first person named to receive funds from a life insurance policy.
If the primary beneficiary is no longer living at the time the insured person dies, the secondary beneficiary would receive the proceeds from the life insurance.
Usually, if it is an individual, not an estate, named as the beneficiary, the proceeds will go to the person free from federal income tax. Here's how you can learn more about the beneficiary of a life insurance policy.
The primary beneficiary is the first person named to receive funds from a life insurance policy.
If the primary beneficiary is no longer living at the time the insured person dies, the secondary beneficiary would receive the proceeds from the life insurance.
Usually, if it is an individual, not an estate, named as the beneficiary, the proceeds will go to the person free from federal income tax. Here's how you can learn more about the beneficiary of a life insurance policy.
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