Which type of beneficiary collects the policy proceeds only if the primary beneficiary is unable to?

A contingent beneficiary is designated to receive policy proceeds in the event that the primary beneficiary cannot fulfill that role, typically due to death or other contingencies. This type of beneficiary serves as a backup and ensures that the policy's benefits are distributed according to the policyholder’s wishes, even if the primary choice is no longer available.

In a life insurance context, naming both a primary and a contingent beneficiary provides a clear hierarchy for distributing funds, which can help prevent complications or disputes among heirs. The other beneficiary types, such as revocable and irrevocable, refer to the policyholder's control over changing beneficiaries rather than their order of priority in receiving proceeds. A primary beneficiary is the main recipient and does not fit the criteria of collecting only if unable, making the distinction crucial in understanding beneficiaries’ roles.