You can select or name anyone you want as the beneficiary of your life insurance policy. However there are some things to consider when actually naming beneficiaries in the policy documents. For example you should list specific names. If you simply state “my wife” or “my spouse” than you run the risk of an ex-partner claiming benefits in the event of divorce. Also life insurance professionals advise that you need to name a contingent or secondary beneficiary, just in case you live longer than your primary beneficiary.

Always name an actual family member as a beneficiary, rather than letting life insurance proceeds go to “your estate.” One of the main advantages of life insurance benefits is that they are usually paid to named beneficiaries quickly, usually within 60 days of a claim, and do not have to wait to go through probate court with the rest of your legacy assets. You are entitled to change your beneficiary designations whenever you like. In the event of changes in life circumstances, such as the death of a beneficiary, or divorce, you need to remember to make the necessary changes. Your survivors may be able to challenge a beneficiary- but it is a lengthy and expensive process.