Who Should Be The Beneficiary Of My Life Insurance? 
It depends on the situation of what the insurance is for . In general , the most common situations will be the insured 's spouse or child/children because the insurance is being used for family protection purposes . If you 're using a trust , the trust will generally be the owner and beneficiary of the policy -LRB- required for ILITs -RRB- . If the policy is being used as part of a buy-sell agreement or a key-man policy for business purposes , then the other executive/business partner will likely be the beneficiary . 