What Exactly Does Contingent Mean On Life Insurance? 
Contingent policy beneficiaries or owner can be the second option for the proceeds of the policy if the primary beneficiaries are no longer alive or at the death of the policy owner -LRB- not also as the insured -RRB- . Think of contingents as a backup option or people in reserve that would have an insurable interest in the demise of the policy insured . 