What is a beneficiary?

A life insurance beneficiary is the person who receives the proceeds of your policy (usually a lump sum of money known as a death benefit) if you were to die.

You can name a parent, spouse, child, friend, organization, charity, or trust as a beneficiary. Keep in mind, if you list a minor as a beneficiary, a custodian needs to be identified (either designated in advance of the death by the policy owner or designated after death by whatever legal process assigns guardianship).

You can also name multiple beneficiaries if you want to spread the love. And since it's your policy, you can divide the death benefit between them however you'd like!

You can learn more about beneficiaries via our What is a beneficiary? And other burning questions answered blog post.

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