The usual beneficiaries of a life insurance policy are the spouse or children of the insured person.

However, if a person has a financial interest as in a business, they can the business as the beneficiary of the life insurance.

This is sometimes the case with a key man life insurance policy when a business's top sales person based on their value to the business is named as the insured, and the business is the beneficiary.

Otherwise, the owner of the life insurance policy names...

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 ...