How to name a life insurance beneficiary

Naming a beneficiary sounds simple, but a few details trip people up. Here is how to get it right.

By the InsuranU team Updated July 20263 min read

Your beneficiary designation determines who is paid, so it is worth getting the details exactly right.

Primary and contingent beneficiaries

Name a primary beneficiary and at least one contingent beneficiary, in case the primary is unable to receive the payout.

Use full legal names, dates of birth and relationship, not just "my spouse" or "my children," to avoid disputes later.

Insurers generally will not pay a lump sum directly to a minor. A trust or custodial arrangement is usually needed.

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When and how to make a change.

Making sure your family can actually find it.

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Can I name more than one beneficiary?

Yes, and U can split the payout by percentage between them.

What if my beneficiary predeceases me?

This is exactly what a contingent beneficiary is for. Name one to avoid the payout going through probate.

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