Life
Beneficiary
The person or entity named to receive your life insurance payout.
What it actually means
A beneficiary is whoever you designate to receive the death benefit — it can be a spouse, child, trust, or charity. Beneficiary designations override what's written in a will, so they need to be kept up to date after major life events like marriage, divorce, or a new child.
Example: After a divorce, forgetting to update a beneficiary could mean an ex-spouse still legally receives the payout.
See it in context
Run the free Insurance Coverage Blueprint to see how beneficiary and terms like it apply to your specific situation — no signup required.