Can a beneficiary be anyone?
Can anyone be named as a beneficiary? Your beneficiary can be a person, a charity, a trust, or your estate. Almost any person can be named as a beneficiary, although your state of residence or the provider of your benefits may restrict who you can name as a beneficiary.
Can two people be a beneficiary?
You can name two (or more) people as beneficiaries, outlining the percentage of the policy payout each would be given. You can also name a contingent beneficiary, who could receive the death benefit if something happened to the primary beneficiary.
Can a boyfriend be a beneficiary of a life insurance policy?
It makes no sense to choose a beneficiary not currently relying on your income, unless that person’s function is to manage or otherwise distribute the policy proceeds according to your wishes. If your boyfriend does not meet this criteria, do not list him as your beneficiary. Two classes of beneficiary exist, Primary and Contingent.
What are the rules for life insurance beneficiary?
To be valid, a beneficiary change/designation must be made according to the rules outlined in the life insurance policy itself and must be received, approved and recorded by the insurance company.
How to challenge a life insurance beneficiary designation?
Challenging a life insurance beneficiary designation can be a complex, difficult, and heavily litigated process. Defending your designation as beneficiary in a life insurance beneficiary dispute is equally difficult. This makes it all the more important to enlist the help of an expert in either case.
Can a contingent beneficiary of a life insurance policy?
The contingent beneficiary will receive no portion of the life insurance benefits unless all primary beneficiaries are deceased or unwilling to accept the money. Consider these rules regarding how life insurance proceeds get distributed to beneficiaries before listing your boyfriend as primary or contingent.