If you list just two, however, those are the only people who can be paid. If there's not enough room on the form to list all your beneficiaries, attach a rider containing the names. Your lawyer should ask the company to date-stamp the rider and mail you a copy. That protects your heirs, if the company loses the form. If you name a contingent beneficiary, understand what that means.
Some people think that contingent beneficiaries get paid right after primary beneficiaries do.
A contingent beneficiary gets paid only if the primary beneficiaries are dead. If you put down your older children as primary beneficiaries and the younger children as contingent, the younger children probably won't receive a dime. Check every three or four years, to be sure that the right beneficiaries are still in place, Goldberg says. Never sign a form that you send in blank. Reread the beneficiary form, on your life insurance and retirement plan.