Types of Life Insurance Beneficiaries

There are several different types of life insurance beneficiaries.  A life insurance beneficiary is the person(s) or organization(s) you name to receive your policy’s death benefit. You’ll need to know the Social Security or tax identification number for all beneficiaries. Experts advise you not to name a minor child as a beneficiary. Insurance companies won’t pay a minor. Instead, consider leaving the money to your estate or trust.