How Many Beneficiaries Can I Have On My Life Insurance Policy?

Life Insurance

When purchasing life insurance coverage you have to choose a beneficiary. A beneficiary is the person or persons the life insurance proceeds will go to upon your passing away. Often I will have people ask how many beneficiaries I can have on a policy. The answer is as many as you want. As long as the share amount between all beneficiaries totals up to 100 percent. If you have 4 beneficiaries listed you could divide the money evenly between the four at 25 percent each. As an example another way you could divide the money between the four is 40 percent for one, and 20 percent to the remaining three.

Many times when a person is purchasing life insurance coverage they ask about listing children as beneficiaries. Children can be listed as beneficiaries but there are a couple of important things to understand. If you were to pass away while a child is a minor the proceeds from the life insurance would stay in an account with the insurance company. The account would be an interest building account, until the child reaches the age of majority. The age of majority is usually age 18. Always check with the state you reside in so you know what the age of majority is. You could also list a custodian on the policy for the child. A custodian is an adult that you would designate to receive and manage the money on behalf of the minor child.

Another way to list beneficiaries when purchasing life insurance coverage is to list people as contingent beneficiary. A contingent is a backup person behind the primary beneficiary. For example, if the proposed insured and the primary beneficiary passed away at the same time the monies would then go to the contingent beneficiary. You could also list an additional back up beneficiary behind the contingent. This is known as a tertiary beneficiary. This means if the primary and secondary beneficiaries have passed away the money would then go to the third in line or tertiary person.

When purchasing life insurance coverage it is important to think about who will be listed as beneficiary and how many beneficiaries you will have. Remember that the life insurance policy is in your name but it’s really not for you. It’s there to provide your family members with the financial security they need in order to take care of needs and responsibilities. Our commitment at is to help you get the coverage you need. 

About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or