Your beneficiary should be someone dependent on you for financial support such as a spouse or child. Your life insurance benefit can also be assigned to a corporate entity, such as a bank, in order to cover financial obligations such as a mortgage or loan in the event of your death.

You can designate more than one person as your beneficiary and decide how you wish the benefit to be divided. You should review your beneficiary designation regularly and, if your circumstances change, you can change your beneficiary. Only you can make changes to the designated beneficiary.