Yes, your life insurance policy can have more than one named beneficiary. In fact, naming several beneficiaries in your life insurance policy is a very common practice.

How many beneficiaries can you have on life insurance?

When you purchase a life insurance policy, you’ll be given the option of designating one or multiple beneficiaries to receive a death benefit in the case you pass away. There are almost no rules restricting who you can pick.

Can you name more than one beneficiary on a life insurance policy?

While you must name at least one beneficiary for your policy, it’s possible to go above and beyond, naming multiple people on your life insurance policy. This ensures that your death benefit goes to a meaningful individual (or organization) even if your primary beneficiary precedes you in death.

Which is an example of a beneficiary on a term life insurance policy?

Examples of Beneficiary Wording on a Term Life Insurance Policy: One Beneficiary. Individual beneficiary designations must include both the name of the individual and enough additional information for the carrier to clearly identify and locate the intended beneficiary.

What are primary and secondary beneficiaries on life insurance?

Listing a contingent or secondary beneficiary acts as a safeguard in case something happens to the primary beneficiary. What is a primary and secondary beneficiary on life insurance? The primary beneficiary is first in line to receive the death benefit.

What happens to life insurance if there is no beneficiary?

If no living relative/heir can be found, the state will take your remaining assets. To sum it up, if there is no beneficiary, your life insurance death benefit will go to a contingent beneficiary. If there is no contingent beneficiary, your death benefit will go to your estate.