Common use of Beneficiary election Clause in Contracts

Beneficiary election. I understand that, in the event of my death, any amount to which I am entitled under the Agreement will be paid to the beneficiary designated by me or, if none, to my surviving spouse or, if none, to my surviving children, or if none, to my estate. I further understand that the last beneficiary designation filed during my lifetime revokes all prior beneficiary designations previously filed by me for purposes of the Agreement. I hereby state: that (insert name) residing at whose Social Security number is - - , is designated as my primary beneficiary. (insert name) residing at whose Social Security number is - - , is designated as my secondary beneficiary. If my secondary beneficiary(ies) are not living at the time of this distribution, then my contingent beneficiary shall be residing at whose Social Security number is - - .