The term "beneficiary" specifically refers to an individual or estate that is named in a policy to benefit when the policy expires or if a claim is made against the policy. Benefits can include money or any other kind of non-monetary benefit. Wherever a beneficiary is present, a benefactor also needs to exist. With regards to life insurance, a beneficiary is the person or people named by the benefactor to receive monetary compensation from a life insurance policy in the event of the benefactors' death. When an individual dies, their estate will also be inherited by surviving beneficiaries as named in the individuals' last will and testament. Often life insurance policies and last will and testaments will have "contingent beneficiaries" named. In the event that the primary beneficiary is no longer alive at the time the benefactor dies, contingent beneficiaries will inherit in the stead of the primary beneficiaries. The term "beneficiary" also extends beyond insurance policies.