Who Can Be Beneficiaries on Life Insurance Policies?
You can name anyone that you like as a beneficiary on your life insurance policy. Many people name their spouse or children as a beneficiary, especially if the policy was purchased with the aim of protecting your spouse from financial calamity should something occur. If you do buy a policy in order to ensure your spouse and children are taken care of upon your death, remember to consider the ages of your children. If your children are under 18 years of age, they will generally not be able to manage the money in the policy. You may wish to name only your spouse as a beneficiary, so she will be able to control the full amount of the funds, should something happen. As your children get older, you can always change the beneficiary designation. You do not have to name your spouse, or even family members, as the beneficiary on your policy. You can name a charity, a friend, or anyone that you want. Whoever you name will collect the death benefit of the policy, and in most cases, will collect
