Yes, you can have multiple primary beneficiaries. Contingent beneficiaries are the people you name as backups should your primary beneficiaries die before or at the same time as you. These backup beneficiaries only receive the money if the primary beneficiaries are unable to.Click to see full answer. Furthermore, what if there is more than one beneficiary?Yes, your life insurance policy can have more than one named beneficiary. In fact, naming several beneficiaries in your life insurance policy is a very common practice. It’s easy to do as well. There are several different ways to go about it.Also, what is a second beneficiary? A secondary beneficiary, also known as a contingent beneficiary, is a person or entity that inherits assets under a will, trust, or account (e.g., insurance policy or annuity) when the primary beneficiary dies before the grantor. Also, can you have more than one beneficiary on a life insurance policy? The beneficiary of your life insurance policy is the individual who will receive the benefit in the event of your death. You’re not limited to just one person. A policy can have more than one beneficiary. They name each other as primary beneficiaries, then they realize that they travel a lot, always together.How do you split a beneficiary?Beneficiary forms vary among life insurance companies, so read the form carefully. Typically, the benefit is divided per capita by default among the living primary beneficiaries, and you have to indicate “per stirpes” if you want money distributed to the children of a beneficiary who has died.