An insurance beneficiary is a person who will receive money or benefits from an insurance policy if something happens to the person who is insured. Full definition
Two types of life insurance beneficiaries exist: primary and contingent. (pocketsense.com)
Once you've determined who you would want as your beneficiaries, you should specify them on the life insurance beneficiary designation form. (valuepenguin.com)
Typically, your life insurance beneficiary receives the death benefit income tax free. (insuranceandestates.com)