Who Can Be A Life Insurance Beneficiary? 
The number one rule to keep in mind with naming a beneficiary is that there must be an insurable interest . In other words , the person , group or business would suffer a financial hardship at your death . Common beneficiaries include a spouse , children , life partner or ailing parent . In business , a beneficiary may be a company in a key man situation or a buy sell agreement in a partnership . You may also name a favorite charity or cause as a beneficiary under most circumstances.If an insurable interest is not named at point of application with most insurance carriers , they will decline to underwrite the application . 