Skip to Main Content

What is a life insurance beneficiary?

In this video, learn how being a beneficiary can help protect your loved one's financial future, when you may want to change beneficiaries and what a beneficiary needs to do.
February 1, 2024
1 min and 14 sec watch
Grocery shopping with beneficiaries
00:01:23 - 00:05:10
When it comes to life insurance, what is a beneficiary?

00:05:12 - 00:08:02
Well, imagine a life insurance policy as a way

00:08:02 - 00:11:20
to help protect your loved one's finances after you pass away.

00:11:22 - 00:15:05
You pay into it now so that the person or persons

00:15:05 - 00:19:06
you choose receive the benefit from that insurance policy,

00:19:08 - 00:21:20
they are called a beneficiary.

00:21:20 - 00:25:20
Maybe you're wondering who a life insurance beneficiary can be.

00:25:22 - 00:29:09
Your beneficiary can be just about anyone you choose;

00:29:11 - 00:33:04
even multiple people can be the beneficiaries of a policy.

00:33:06 - 00:37:11
A spouse, a child, sibling or even a friend-

00:37:12 - 00:41:02
whoever you want to receive the income tax-free payout.

00:41:03 - 00:42:10
And as life changes,

00:42:10 - 00:45:12
like if you get married, have kids or start a business

00:45:12 - 00:48:09
you can change your beneficiary at any time.

00:48:09 - 00:50:20
What does a beneficiary have to do?

00:50:20 - 00:54:11
A beneficiary simply provides their current contact information

00:54:11 - 00:58:04
so they can receive the benefit from the policy if you pass away.

00:58:06 - 01:02:07
So whether you're just starting out with life insurance or considering a change,

01:02:11 - 01:06:05
choosing a beneficiary could be a key part of helping protect

01:06:05 - 01:09:05
the finances of your loved ones after you're gone.

01:09:05 - 01:11:14
Explore more at

Need help buying life insurance online?

Get an instant decision and if you're approved, buy completely online with TruStage

Get a free quote


Need help managing your current TruStage policy?

Are you a TruStage Insurance policyholder looking to make a payment, submit a claim, review or update your policy, or get help? We're here for you.

My account