Who can be named as beneficiary?
Eligible beneficiaries include your spouse, children, relatives, friends, or if you so choose, a trust, charity or organization, or anyone else with an insurable interest. Keep in mind however that if you designate a minor as the beneficiary of your life insurance policy, it will be necessary to provide supporting documentation that appoints a Trustee to receive and manage the policy proceeds on the minor’s behalf. Failure to do this can result in delays in the administration of the policy benefits. A good way to eliminate all doubt when making your beneficiary designation is to make sure you list the full names of the person or people your choose along with their relationship to you. It may also be an idea to include their Social Insurance Number (SIN) to remove the possibility of any mistake being made.
