I am filling out a life insurance policy form, and it is asking for both primary and contingent beneficiaries AND the percentage amounts for them. It is my understanding that the contingent are payed out only if the primaries are dead.
What percentage should I list for the contingent person when I won't know how many of my primaries would be dead?
In particular, consider the hypothetical form with two primaries and one contingent. I'd list 50% for both primaries, but it is unclear what the contingent should have.
Primary: Person A (50%), Person B (50%)
Contingent: Person C (??%)