You can have as many beneficiaries as you wish on a life insurance policy. The primary beneficiary is the first to receive the money, and this can be one or more persons. The death benefit can be divided equally or divided as you choose.
If all the primary beneficiaries are deceased, the death benefit will go to one or more contingent beneficiaries.
If all the primary beneficiaries are deceased, the death benefit will go to one or more contingent beneficiaries.