Does my spouse have to be the beneficiary on my life insurance?

Does my spouse have to be the beneficiary on my life insurance?

Most people name their spouses as insurance beneficiaries. But if you live in a community property state and want to name someone else, get your spouse's consent, in writing. The reason is that if you buy a life insurance policy with community funds—your wages, for example—then it belongs to both you and your spouse.

What does it mean when someone makes you their beneficiary?

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A beneficiary is any person who gains an advantage and/or profits from something. In the financial world, a beneficiary typically refers to someone eligible to receive distributions from a trust, will, or life insurance policy.

Do you have to be married to be someone’s beneficiary?

Although many people name family members as beneficiaries on their life insurance policies, it is certainly not a requirement. There are almost no rules restricting who you can choose, and you can change your beneficiary at any time (for example, after a divorce).