Your beneficiaries are the people who’ll receive the benefit from your life insurance policy if you pass away. In that case, the insurance company would pay out a death benefit to the people you’ve named, which can go toward things like funeral expenses or household bills, childcare, college expenses or anything else.
You’re not restricted to just one beneficiary, either. First, you can select primary beneficiaries—these are the people you intend to receive the death benefit if you were to pass away. If you select multiple primary beneficiaries, then they’ll split the benefit. You can have them split it equally, or assign percentages.
In addition, you can choose contingent beneficiaries. These people are basically your “runner-ups.” They’ll only receive a life insurance benefit if your primary beneficiary (or beneficiaries) aren’t available. Here, too, if you name multiple contingent beneficiaries, you’ll need to assign percentages for how you’d like them to divide the money.
You’ll have the opportunity to designate multiple beneficiaries after you’ve purchased a policy, just visit your Dashboard (click “Dashboard” on the main menu). Select “Update beneficiaries” in the section with your policy details.
Once you’ve made the updates, be sure to click the purple button to e-sign to confirm changes.