What Happens To Life Insurance When Both Parents Die? 
I agree with the answers listed above . As a sign of good financial planning , parents should examine the possibility of them both being gone and what will happen to their insurance proceeds . Sometimes both parents are killed at the same time -LRB- say by accident -RRB- and usually parents pick each other to be beneficiary . THe contingent person may be a child , relative or close friend . They should consider this option carefully in their planning decisions . 