Who Should I Put As Beneficiary On Life Insurance?

1. 

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Whoever depends on you financial should be considered as a beneficiary of your life policy, i.e. immediate family members, business partners and charitable organizations. There must be insurable interest between the policy insured and the policy beneficiary. You must also establish the liability amount for the death benefit.

   Answered on August 15, 2013

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2. 

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   Peggy Mace

   Most of the U.S.

   You should put as beneficiary on your life insurance policy, someone who you trust to use the death benefit as you desire. If you want your minor children to be taken care of, you could choose your spouse, your parent or other person who would become their guardian if you were to pass, or a trust that would distribute the money to them as you see fit. If you want the policy proceeds to pay for your funeral, choose a responsible relative who will carry out your wishes, or assign the policy to the funeral home.  In other words, pick the beneficiary who will use it for the purposes you intended.

   Answered on August 16, 2013

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