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
Different Types Of Beneficiary Designations May Be Combined
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For example, you may have joint beneficiaries as well as contingent beneficiaries named if something happens to one or all joint beneficiaries. You may name an irrevocable beneficiary for only a portion of the proceeds.
Combinations can become complicated. If a combination is of interest to you, we encourage you to seek the advice of a qualified attorney. It is worth keeping in mind that the more complicated the definition and the more beneficiaries involved, the greater the chance that someone will contest the designations.
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