It is extremely important to ad a contingent beneficiary to your life insurance policy. If there is not one named and the primary beneficiary does die, allot of unnecessary taxes and fees will be charges to your estate. If your beneficiary happens to be a minor child, a guardian has to be named and designated to supervise all the insurance proceeds. Another issue with your life insurance beneficiary is to make sure in any life changing event such as divorce, death of your primary beneficiary or the birth of your child, that the beneficiary is changed to fit the new events. You can change a revocable beneficiary at any time by filling out the necessary paperwork with your life insurance agent.

However, if you named an irrevocable beneficiary to your estate, the beneficiary cannot be changed without there consent. If that person refuses, nothing can be done about it. Before deciding on a type of beneficiary as well as naming your beneficiary to your life insurance policy, it is recommended that you consult with an insurance professional..