What is a beneficiary in life insurance?

A life insurance beneficiary is the person or organization that receives the death benefit of your life insurance policy after you pass away. Both term and permanent life insurance policies allow for beneficiaries, and the vast majority of policy owners name one or more people as their life insurance beneficiaries. To declare a beneficiary, you may need to speak with your life insurance company and fill out a specific form.

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UPDATED: Mar 8, 2022

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