Content Overview
- Summary
- You May Name More Than One Person As Beneficiary Of A Life Insurance Policy
- You May Name A "Class" Of Individuals As Beneficiary Of A Life Insurance Policy
- You May Have Primary And Contingent Beneficiaries
- A Beneficiary Of A Life Insurance Policy May Be "Revocable" Or "Irrevocable"
- Different Types Of Beneficiary Designations May Be Combined
- Understand The Consequences If You Want To Name A Minor As Beneficiary
- If You Want To Name A Spouse Your Beneficiary, Be Clear Whether It Is The Relationship That Controls
- You Can Name A Significant Other Or Life Partner As Beneficiary With Discretion If You'd Like
- You Can Name Your Estate As Beneficiary Of A Life Insurance Policy
Naming A Beneficiary For Your Life Insurance Policy
You Can Name A Significant Other Or Life Partner As Beneficiary With Discretion If You'd Like
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If you are in a non-legal heterosexual relationship or a same sex relationship, and wish to provide for your partner in the event of your death, you can name your partner as beneficiary of your life insurance. While it is relatively easy for a Will to be contested, it is more difficult and expensive (though not impossible) for family members to contest the distribution of life insurance proceeds.
In order to avoid questions about your relationship (and potential problems with the life insurance company) list the beneficiary by name only. If the insurance company insists on asking the relationship, "friend" fits.
If you want to name a person as beneficiary of a group life insurance policy, but you don't want to disclose the information to your employer, leave the money "to my estate" or to a trust. If you leave the money to your estate, your Will determines who gets the money. Be sure your Will leaves the money to the intended person. (See immediately below for more information on leaving life insurance proceeds to your estate).
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