I am buying a life insurance policy.
I
am to put down the name of my beneficiary and successor through my life insurance policy.
Is my
beneficiary the one who will receive the death benefit? What is the successor?
Yes, the beneficiary is the person or persons who receive the money from your life insurance policy if you die.
The Succession Beneficiary Clause states the procedure for revoking a current beneficiary and designating a successor beneficiary. Life insurance companies require written notice of a beneficiary change, usually on a form designated for that purpose.
Learn more about the beneficiary of a life insurance policy and how it works.
