Who should I name as my beneficiary?
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 like a mortgage or loan in the event of your death. You can even designate more than one person as your beneficiary and advise how you wish the benefit to be divided.
Your beneficiary should be reviewed regularly and can be changed with proper notification in the event of changes to your circumstances. Only the policy owner can make changes to the designated beneficiary and this must be done in writing using the policy change form.