Get your free financial scoreSign inYour data on this device
Free to use. No account required.

How do I name and update beneficiaries on my life insurance?

You name beneficiaries directly on the policy, and this designation overrides your will — so it's one of the most important and most neglected pieces of paperwork you own. List a primary beneficiary (who gets the proceeds) and a contingent beneficiary (the backup if the primary has died). Use specific names and consider percentages if there are several people. Crucially, update beneficiaries after every major life event: marriage, divorce, a new child, or a death. The classic horror story is a payout going to an ex-spouse because no one updated the form. Avoid naming minor children directly — proceeds to a minor get tied up in court; instead use a trust or a custodial arrangement. Review your designations once a year and keep copies where your family can find them. This same review applies to your 401(k) and IRA too.

All questionsBrowse the articles
Educational disclaimer. Everything on WealthSerene.com is educational and is not investment advice. Projections and calculations are illustrative; actual results depend on market conditions, your situation and factors outside this tool’s scope. For a decision specific to your situation, consult a qualified financial professional. View full disclosures