LifePolicyFactsA policy pays the person named on the form, not necessarily the person named in your will. That makes the form one of the most important documents you will sign.
Mistakes to avoid
- Leaving the form unchanged after a divorce, remarriage or birth.
- Shares that do not total 100%.
- No contingent beneficiary.
- Naming a young child directly without a plan for who manages the money.
Check yearly
Rules differ by country and state, so confirm details with the insurer. Use the Beneficiary Split Calculator to check your percentages.
Frequently asked questions
Does the will override the form?
Generally the named beneficiary on the policy takes priority, but check local rules.
How often should I review it?
After any major life event, and at least once a year.
Educational content only. Not insurance, financial or legal advice.