Common use of BENEFICIARIES OF THE LIFE INSURANCE BENEFIT Clause in Contracts

BENEFICIARIES OF THE LIFE INSURANCE BENEFIT. The Life Insurance Benefit will be paid as follows unless designated otherwise by the Owner: Direct Beneficiaries. The Life Insurance Benefit of this Policy will be paid in equal shares to the direct beneficiaries who survive and receive payment. If a direct beneficiary dies before receiving all or part of the direct beneficiary’s full share, then the unpaid portion will be paid in equal shares to the other direct beneficiaries who survive and receive payment.