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...

Life insurance is a state regulated industry, which means the state you live in makes the laws regarding life insurance.

Almost all states have their own statutes regarding death by suicide as it relates to life insurance coverage.

As long as the life insurance policy is "In Force" and at least two years have passed from the date of issuance with no lapse or reinstatement of life insurance policy (when a policy has to be reinstated due to a lapse that 2 year clock starts again), most life insur...