Naming Beneficiary(Ies)in LIfe Insurance. Should I name that person as the beneficiary of my life insurance or make it payable to my estate and have it distributed according to my will? Does the beneficiary have to be a relative?

When you apply to take out a new life insurance policy, the insurance company requires that the beneficiary (or beneficiaries) have an insurable interest in the insured. You can have multiple beneficiaries. Your beneficiary does not have to be related to you.

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