How do I choose a life insurance beneficiary?

Your beneficiary is the person or entity who receives the death benefit when you die. You can name anyone: spouse, children, parents, siblings, friends, a trust, or a charity. Primary beneficiary: receives the death benefit first. Contingent beneficiary: receives the benefit if the primary beneficiary predeceases you or can't be located. Key rules: beneficiary designations override your will — keep them updated. Minors cannot directly receive life insurance proceeds — consider a trust or custodian. Review beneficiary designations after major life events: marriage, divorce, birth of a child, death of a beneficiary.