Yes – you can nominate whoever you wish to be the beneficiary of your life insurance payout should the worst happen. This could be a spouse, children or another family member or close friend. It’s worth remembering that children who are named as recipients of life insurance payouts generally need to be 18 years old to receive the money. If they aren’t 18 at the time you pass away, the money is held by a legal trustee until they are of age.