Define: "Primary Beneficiary"
The person(s) designated by YOU, the "policy owner" to which the proceeds of a life insurance policy will be paid upon the death of the insured. This is who you want the policy proceeds to be paid to...
OTHER USES -- "The person(s) designated by the owner to receive the death benefits upon the death of the annuitant. Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn't be the sole determining factor in naming your beneficiaries, ignoring the impact of taxes could lead you to make an incorrect choice.
More Examples of Primary Beneficiary:
"The beneficiary designations on that form replace all previous designations. Every time you complete a new form, be sure to fill in both the primary and contingent beneficiary sections if you intend to have a contingent beneficiary. If you only complete the contingent section and leave the primary blank, you will have no primary beneficiary, even if a past form names one. The Board of Trustees recognizes only those designations received in the Retirement System office before your death.
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