How To Add A Beneficiary To Insurance Policy

For most insurance policies, you can change your beneficiary designation at any time, as long as it is a revocable beneficiary. However, if you have designated an irrevocable beneficiary, their consent is required to make changes.

If you do not designate a beneficiary or if all designated beneficiaries predecease you and there are no contingent beneficiaries, the insurance proceeds will typically be paid to your estate. This means the funds will go through probate and be distributed according to your will or, if you don't have a will, according to state intestacy laws, which may not align with your wishes.

While you can designate a minor as a beneficiary, it's often recommended to avoid naming a minor directly as they cannot legally inherit assets until they reach the age of majority. Instead, consider setting up a trust for the minor and naming the trust as the beneficiary, or naming a guardian or custodian who will manage the funds on behalf of the minor until they are old enough.