Whom does the law prioritize as a beneficiary if a primary beneficiary is unavailable at the time of the insured’s death?

The law typically prioritizes contingent beneficiaries if a primary beneficiary is unavailable at the time of the insured's death. Contingent beneficiaries are specifically named individuals who will receive the benefits if the primary beneficiary can’t, whether due to death, incapacity, or other reasons. This structure is designed to ensure that the policy proceeds are directed according to the insured’s wishes rather than defaulting to an estate or a different entity.

Options such as the estate may come into play if no contingent beneficiaries are named, but generally, contingent beneficiaries are the next in line as they represent the insured's choices in the beneficiary designations. Secondary beneficiaries, while potentially relevant, are usually described less specifically and may not be the same as contingent beneficiaries, leading to potential confusion. The insurance company is not a beneficiary; rather, it is a party that pays out the benefits as directed by the policy terms.