Who To Name As Beneficiary Life Insurance? 
In Canada if you have a named beneficiary and not your estate then the proceeds bypass probate and are paid directly to the beneficiary . If you name a beneficiary in the `` protected class '' , spouse , parent , child , grandchild , then the policy is potentially protected from the owner 's creditors during the lifetime of the person whose life is insured . In all provinces except Quebec , the relationship must be between the life insured and the beneficiary . In Quebec , it is between the owner and the beneficiary . If you designate a beneficiary as irrevocable , then the policy also has potential creditor protection . In addition no changes to the policy can be made without the irrevocable beneficiary 's consent . If a corporation is owner and paying the premiums on a policy , the the company should be the beneficiary otherwise it will be considered to be a taxable benefit . Ultimately , who should be named the beneficiary depends on what you want to accomplish . If you have any further question or feel I could be of assistance please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community , 