Here is some information to consider that may help you determine who your beneficiary should be:

A person or more than one person

Your estate

A trust or foundation

Life insurance may be one of the most
important purchases you’ll ever make.

An important decision to consider when purchasing a life insurance policy is who will receive the cash benefit
from your policy and will that person administer the assets as you intend.  It is very important to choose
a beneficiary because if you do not choose one, state laws can determine how your estate will be allocated.

There are different beneficiaries
you can name, including:

A Primary Beneficiary

This is the person or entity that is first in line to receive the policy benefits.

A Secondary Beneficiary

This is the person or entity that is second in line to receive the policy benefits. This beneficiary will only receive the policy proceeds if the Primary Beneficiary is deceased.

Once you have named your beneficiaries,
there is a decision to be made about how a deceased
beneficiary’s share of the proceeds will be handled.

If a beneficiary dies before the insured, the deceased beneficiary’s share of the policy proceeds can be divided proportionately among the surviving beneficiaries.

OR

If a beneficiary dies before the insured, the deceased beneficiary’s share of the policy proceeds can automatically be passed down to the deceased beneficiary’s heirs.

  Beneficiary form

  Whoever you decide on naming as a beneficiary to your policy proceeds, remember to keep your beneficiary choices
up to date. There may be a time when your beneficiary information is outdated and the wrong person is listed on your policy. 
Most of us do not like to think about death, but it is very important to keep your beneficiary information current.

Update Your Beneficiary