Jasz
VIP Contributor
Absolute beneficiary, or irrevocable beneficiary, is the person who has the right to receive an insurance payout in the event of a death. This person is also known as the primary beneficiary. If you are the absolute beneficiary of your life insurance policy, you will receive all proceeds if you die before age 85. If you are the primary beneficiary, and your spouse or partner dies before age 85, then they will receive all proceeds. However, if there are multiple beneficiaries on a policy and one dies before age 85 and another dies after that age limit, then their share will be based on what they've earned up until age 85.
In many cases, life insurance policies may also provide for irrevocable beneficiaries. The irrevocable beneficiary designation allows a person who is named as such on a life insurance policy to receive the proceeds of the policy if there is no living person named as a primary beneficiary and they are deemed incompetent by a court of law.
In many cases, life insurance policies may also provide for irrevocable beneficiaries. The irrevocable beneficiary designation allows a person who is named as such on a life insurance policy to receive the proceeds of the policy if there is no living person named as a primary beneficiary and they are deemed incompetent by a court of law.
