Who should I name as my beneficiary?

A beneficiary is an individual named on a life insurance policy who will receive the death benefit if you were to pass away.

You can name any person as your beneficiary. Please note that it is generally not recommended to name minor children as beneficiaries on a life insurance policy. Generally, such proceeds would be held in trust until the child turns 18, and it is recommended that a Trustee be appointed in this case. It would be best to consult a lawyer if you're interested in doing this.

You may change your beneficiary by written instruction at any time unless irrevocably appointed. What is an irrevocable beneficiary? Someone who must, in writing, approve any changes made to the beneficiary.

Please note that in Quebec, if you make your spouse (excluding a common-law spouse) your beneficiary, that designation is irrevocable, unless you have specified otherwise.