Can I name any beneficiary I choose on my life insurance policy?
Get Legal Help Today
Secured with SHA-256 Encryption
UPDATED: Jun 19, 2018
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Generally yes, both with an existing life insurance policy (unless you have given up that right, perhaps in connection with a divorce decree) and a new policy.
It is not necessary for the beneficiary to have an insurable interest in the life of the insured. For example, you may wish to buy a life insurance policy naming your college or a buddy as beneficiary. (Of course, if your buddy is a known mob “hit man”, the life insurance company may not want to issue a new policy.)
Where a person ostensibly buys a policy on his own life, names an appropriate beneficiary, and then promptly changes the beneficiary and “assigns” the policy to someone without an insurable interest, there is always the possibility that it was part of a scheme to avoid the insurable interest rules, which may render the policy voidable.