What Does Contingent Mean With Life Insurance? 
Think of a contingent -LRB- beneficiary or owner -RRB- as a backup to your primary policy beneficiary or owner . At the time of application , you general assign the beneficiary or beneficiaries as the primary persons that would suffer economic loss at your demise . But what would happen if the beneficiaries also perished with the insured , then the contingency or back up beneficiaries would be next in line for the death benefit proceeds . 