Secondary beneficiary

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The person who becomes the beneficiary of a life insurance policy or annuity in the event that the primary beneficiary survives the insured but dies before receiving all entitled proceeds or installments. Insofar as permitted under the policy or annuity contract, the secondary beneficiary succeeds to the rights of the primary beneficiary; however, settlement options available to a secondary beneficiary are often more limited. 2. Often also used as a synonym for contingent beneficiary, i.e., the person designated to receive life or annuity benefits in the event that the primary beneficiary dies before the insured.