Who can be a beneficiary?

A beneficiary is a person or entity designated to receive the policy’s death benefit. Depending on the arrangement, beneficiaries may include a partner, family member, trust, or charity.

You can generally name primary and contingent beneficiaries. A contingent beneficiary may receive the benefit if the primary beneficiary cannot, according to the policy’s terms.

Review your designations as relationships and circumstances change. Ask for professional guidance when naming a minor, a trust, or someone whose benefits could be affected by receiving money.