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Home > Blog > Choosing a Beneficiary for Your Life Insurance Policy
WEDNESDAY, SEPTEMBER 21, 2022

Choosing a Beneficiary for Your Life Insurance Policy

The purpose of life insurance is to provide financial protection to your loved ones after you’re gone, which makes choosing a beneficiary—the person who will receive the death benefit—the most important decision when buying a policy. The most common beneficiaries are spouses and children, but some people wish to leave money to parents, siblings, ex-spouses, domestic partners or even charities. 
parents holding newborn
However, once you select who you wish to receive the death benefits, there are still several choices to be made. First of all, beyond choosing a primary beneficiary, you must also select a secondary beneficiary, who will receive the death benefit in the absence of the primary beneficiary. Some people even choose a tertiary beneficiary. 

In each of these categories—primary, secondary and tertiary—you are not limited to choosing just one individual. You can designate multiple beneficiaries as you see fit. For example, you may wish to select your spouse as the primary beneficiary and your children as secondary beneficiaries. But do be careful to split the percentage between multiple beneficiaries in such a way that they add up to 100 percent. This way, there’s never a question as to where the money should go. 

If you do opt for multiple beneficiaries, you must also decide on the following factors: 

  • Per capita: If one beneficiary dies, his or her portion of the death benefit will be divided among the other beneficiaries.
  • Per stirpes: If a beneficiary dies, his or her portion of the death benefit will pass down to his or her heirs, instead of going to the remaining beneficiaries. 


Deciding to buy life insurance is actually a commitment to a series of big decisions. Luckily, your choice of beneficiary is not set in stone and can be changed any time you’d like. 

Protect your loved ones. Call Hill & Stone Insurance for more information on life insurance. 

Posted 11:40 AM

Tags: life insurance
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