Who can benefit from my life insurance policy?
When buying a life insurance policy there are certain things to consider. One of those things is who to choose as the beneficiary of your new life insurance policy. Usually that person would be our immediate family member or relative or maybe a business partner, but there are times when other persons have an insurable interest in our lives.
It is usually a requirement of the insurance company, that the beneficiary does have an insurable interest in the person to be insured. If the beneficiary is not a family member or business partner, the insured may be required to explain why the insurance is needed.
However,if your policy has already been issued and is already in effect, you may then change you beneficiary to whomever you choose.