When you first set up your life insurance policy, you’ll need to choose a beneficiary.  This is the person who will receive the life insurance death benefit if you were to die during the contract.  

For many people, the primary beneficiary will be their spouse, simple as that! But your life insurance policy will also require you to choose a contingent beneficiary. 

This is the person who would receive the death benefit if the primary beneficiary had already died.  Many people list the contingent beneficiary as their children, with the proceeds being split equally between them.  You may also designate a trust, as primary or contingent, depending on your estate plan.  

As with all insurance policies, things can change over time.  If you set up a life insurance policy many years ago, it may be time to update the beneficiary information. 

If you get married, have another child, or if one of your beneficiaries passes away, you’ll want to take time to update the current information.  It may be a good time to set up an appointment with your attorney to discuss this too!  They can help you make sure that your beneficiary information is correctly aligned with your will and estate plan.