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Life Insurance Beneficiary: Who Gets My Life Insurance When I Die?

When a person buys life insurance, they name a beneficiary – someone who will receive the payout from the policy in the event of the policyholder’s death. Most people choose their spouse or children as beneficiaries, but you can name anyone you like as a beneficiary.
Fact Checked

Updated: 12 July 2024

If you are the beneficiary of a life insurance policy, it’s important to understand your rights and responsibilities. As the beneficiary, you will be responsible for claiming the payout and determining how to use it. You may also be responsible for paying any taxes that are owed on the proceeds.

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