Life Insurance Beneficiary Clause

A life insurance beneficiary clause is a legal document within a life insurance contract that specifies the individual or individuals who are to receive the death benefit of the policy upon the death of the insured. This clause is important because it ensures that the death benefits will be paid to the designated individuals identified in the policy, rather than to someone else. It is also important to note that this clause may be amended at any time during the life of the policy as long as the following legal requirements are met: the amendment must be in writing, signed by the insured and/or the policy owner, and be accepted by the insurance company.