{"id":14454,"date":"2026-04-24T16:48:13","date_gmt":"2026-04-24T20:48:13","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=14454&#038;preview=true&#038;preview_id=14454"},"modified":"2026-04-24T16:48:15","modified_gmt":"2026-04-24T20:48:15","slug":"what-is-a-life-insurance-beneficiary","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-a-life-insurance-beneficiary","title":{"rendered":"What Is a Life Insurance Beneficiary: A Guide"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">What Is a Life Insurance Beneficiary: A Guide<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-04-24T16:48:13-04:00\">April 24, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">15 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Lisa-Jackson.webp?quality=80&w=1024\" alt=\"Lisa Jackson\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Lisa Jackson<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\">Insurance Writer<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2024\/04\/iStock-528476394.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Little boy and his father looking trough the window of a car during the road trip\" style=\"object-fit:cover;\" 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articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What Is a Life Insurance Beneficiary: A Guide &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-a-life-insurance-beneficiary\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-a-life-insurance-beneficiary\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">What is a life insurance beneficiary?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-what-is-a-life-insurance-beneficiary-0\">What is a life insurance beneficiary?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-who-can-be-a-beneficiary-on-life-insurance-0\">Who can be a beneficiary on life insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-can-you-have-more-than-one-life-insurance-beneficiary-0\">Can you have more than one life insurance beneficiary?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-the-different-types-of-life-insurance-beneficiaries-0\">What are the different types of life insurance beneficiaries?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-the-benefits-of-naming-a-beneficiary-0\">What are the benefits of naming a beneficiary?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-happens-if-there-is-no-beneficiary-on-a-life-insurance-policy-0\">What happens if there is no beneficiary on a life insurance policy?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-to-consider-when-choosing-a-life-insurance-beneficiary-0\">What to consider when choosing a life insurance beneficiary<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-take-the-next-step-0\">Take the next step<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-rbc-life-insurance\">RBC Life Insurance<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Choosing your life insurance beneficiary, or beneficiaries, isn\u2019t just another box to check \u2014 it\u2019s an important financial planning decision that shapes your legacy. The people or entities you name will ultimately receive the insurance payout, so it\u2019s a decision that carries real weight.<\/p>\n\n\n\n<p>In this article, we\u2019ll dive into how you can split your legacy among multiple beneficiaries, explain the roles of primary and contingent beneficiaries, and clarify the difference between revocable and irrevocable options. We\u2019ll also cover why naming a beneficiary is so important \u2014 and what could happen if you don\u2019t.<\/p>\n\n\n\n<p>Whether you\u2019re starting fresh or updating your estate plan, this guide will help you make clear, confident decisions.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A life insurance beneficiary is a person or entity you choose to receive your payout after you pass away.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You can name a wide range of beneficiaries, including individuals, trusts, charities, and businesses.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Understanding the difference between primary, contingent, revocable, and irrevocable beneficiaries can help you make informed decisions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>A clear beneficiary designation helps your money reach the right people faster, with potential tax advantages and fewer delays because of probate.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-life-insurance-beneficiary-0\">What is a life insurance beneficiary?<\/h2>\n\n\n\n<p>A life insurance beneficiary is the person or entity you designate to receive the payout from your life insurance policy after you pass away. It\u2019s a key component in your broader estate planning, ensuring your hard-earned assets and savings are passed on in a way that reflects your personal wishes and priorities.<\/p>\n\n\n\n<p>When you name a beneficiary, you\u2019re deciding who gets the financial safety net you\u2019ve put in place. This can be a family member, a friend, a trust, a business, or even a cause or charity you care about.<\/p>\n\n\n\n<p>It\u2019s less about paperwork and more about intention \u2014 to whom you want to support, protect, or leave something meaningful. At the end of the day, it\u2019s about making sure your money goes to the right place, without confusion or guesswork.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-life-insurance-beneficiaries-work-in-canada\">How life insurance beneficiaries work in Canada<\/h3>\n\n\n\n<p>Naming a beneficiary in Canada is a pretty straightforward aspect of taking out life insurance, but it can have a big impact on how smoothly things play out when you pass away.<\/p>\n\n\n\n<p>A beneficiary can be your spouse, a family member, a friend, a business, or even a charity. You can also name more than one and decide exactly how the money gets split. In most cases, the payout goes straight to them, not through your estate. That usually means no probate delays and your beneficiaries receive their tax-free payout.<\/p>\n\n\n\n<p>When the time comes, your beneficiary submits a claim and a death certificate, the insurer reviews it, and the payout is typically made within 30 to 60 days, if everything checks out.<\/p>\n\n\n\n<p>If you don\u2019t name a beneficiary on your life insurance policy, the money goes to your estate <em>by default<\/em>. That can slow things down and add extra costs. It\u2019s usually smarter to name both a primary and a backup (contingent) beneficiary and revisit your choices whenever life changes.<\/p>\n\n\n\n<p>You\u2019ll also choose whether your beneficiary is revocable or irrevocable. Revocable means you can change it anytime. Irrevocable means you\u2019ll need their permission to make changes. One thing to note: in Quebec, if you name your spouse, they\u2019re automatically considered irrevocable unless you indicate otherwise.<\/p>\n\n\n\n<p>At the end of the day, this is just about making sure your money lands where you want it to \u2014 without hold-ups or complications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-can-be-a-beneficiary-on-life-insurance-0\">Who can be a beneficiary on life insurance?<\/h2>\n\n\n\n<p>Choosing a life insurance beneficiary is a flexible decision. A beneficiary can be:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-spouse-or-partner\">Spouse or partner<\/h3>\n\n\n\n<p>Many people choose a spouse or partner to help cover shared expenses or replace lost income. If you\u2019re in a common-law relationship, make sure you name your partner directly \u2014 they may not automatically be entitled to the payout.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-family-members\">Family members<\/h3>\n\n\n\n<p>You can name your children, siblings, parents, or other relatives, and decide exactly how the benefit is divided among them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-friends\">Friends<\/h3>\n\n\n\n<p>You\u2019re not limited to family. A close friend, especially someone who may depend on you financially, can be named.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-trusts-especially-for-minors\"><strong>Trusts (especially for minors)<\/strong><\/h3>\n\n\n\n<p>This is a practical way to manage a life insurance payout for a minor until they reach legal adulthood. It allows you to appoint someone to oversee the money until a minor is ready to receive it, and gives you control over how and when it\u2019s used.<\/p>\n\n\n\n<p>Without a trust, the payout may be held by the province or territory until the child reaches the age of majority.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-charities\">Charities<\/h3>\n\n\n\n<p>If you would like to leave a philanthropic legacy, you can name a charitable organization and turn your policy into a meaningful gift.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-businesses\">Businesses<\/h3>\n\n\n\n<p>For business owners, life insurance can support succession planning, cover debts, or help keep the business running.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-estate\">The estate<\/h3>\n\n\n\n<p>You can name your estate, but that means the payout may be subject to probate fees and potential claims from creditors. It can also slow things down compared to naming someone directly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-you-have-more-than-one-life-insurance-beneficiary-0\">Can you have more than one life insurance beneficiary?<\/h2>\n\n\n\n<p>Yes, you can name multiple beneficiaries on a life insurance policy. This allows you to divide the payout among several people or entities, such as family members, friends, or charities.<\/p>\n\n\n\n<p>You can choose exactly how much each beneficiary receives. For example, you might leave 50 per cent to a spouse, 25 per cent to your child, and 25 per cent to a charity. This gives you flexibility to match your coverage to your priorities and ensure the right people are supported.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-different-types-of-life-insurance-beneficiaries-0\">What are the different types of life insurance beneficiaries?<\/h2>\n\n\n\n<p>When you set up your policy, you\u2019ll come across a few different types of beneficiaries. Each plays a slightly different role.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-primary-beneficiary\">Primary beneficiary<\/h3>\n\n\n\n<p>This is the first person, people, or entity in line to receive your death benefit. They are typically those you want to primarily protect or support in the event of your death.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-contingent-beneficiary-secondary-beneficiary\">Contingent beneficiary (secondary beneficiary)<\/h3>\n\n\n\n<p>Think of this as your backup. If your primary beneficiary passes away before you do or can\u2019t receive the payout, the contingent beneficiary steps in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-revocable-beneficiary\">Revocable beneficiary<\/h3>\n\n\n\n<p>This is the flexible option. You can change your beneficiary at any time, without their knowledge or consent. It\u2019s often used if you anticipate changes in your relationships or circumstances.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-irrevocable-beneficiary\">Irrevocable beneficiary<\/h3>\n\n\n\n<p>This option is more fixed. Once named, you\u2019ll need the beneficiary\u2019s consent to make changes later \u2014 not just to the beneficiary designation, but for the policy itself. It\u2019s a more permanent decision, providing guaranteed financial protection for the beneficiary.<\/p>\n\n\n\n<p>If a minor is being considered as an irrevocable beneficiary, it should be noted that neither the minor, their parent\/guardian, or even the trustee can consent to a change of beneficiary. It\u2019s usually not possible for the beneficiary designation to be changed if a minor has been designated as an irrevocable beneficiary.<\/p>\n\n\n\n<p>Another consideration: In Quebec, a spouse named as a beneficiary is automatically considered irrevocable, unless otherwise stated or in the case of divorce.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-trust\">A trust<\/h3>\n\n\n\n<p>You can name a trust instead of an individual. A trustee will manage the payout on behalf of the trust and distribute it according to your instructions. This is often used for minors, charitable giving, more complex family situations, or when you want more control over how the money is used.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-the-difference-between-a-revocable-and-an-irrevocable-beneficiary\">What\u2019s the difference between a revocable and an irrevocable beneficiary?<\/h3>\n\n\n\n<p>A revocable beneficiary can be changed at any time, without their knowledge or consent. For example, if you initially name your sibling, but later want to name your partner or child instead, you can switch it easily. It allows you to update the policy as your life changes.<\/p>\n\n\n\n<p>An irrevocable beneficiary, on the other hand, can\u2019t be changed without their written permission. They also have certain rights over the policy, which can limit your ability to make changes. For example, you might name a child to ensure they\u2019re financially protected, or a business partner as part of a buy-sell agreement where the payout needs to be guaranteed.<\/p>\n\n\n\n<p>In a nutshell, revocable means flexibility, while irrevocable means the decision is locked in.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-benefits-of-naming-a-beneficiary-0\">What are the benefits of naming a beneficiary?<\/h2>\n\n\n\n<p>Naming a beneficiary isn\u2019t just a formality \u2014 it\u2019s what ensures your life insurance does what it\u2019s meant to do: get money to the right people, quickly and with minimal friction. Here\u2019s why it matters.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-faster-distribution-of-assets\"><br>Faster distribution of assets<\/h3>\n\n\n\n<p>When you name a beneficiary, the payout usually goes directly to them, rather than through your estate. That means they usually get the money much faster, since it doesn\u2019t get tied up in the settling of your estate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-avoid-probate\">Avoid probate<\/h3>\n\n\n\n<p id=\"h-naming-a-beneficiary-helps-your-life-insurance-payout-avoid-probate-the-legal-process-of-validating-a-will-and-settling-the-estate-probate-can-take-time-and-may-involve-legal-and-administrative-fees-which-can-reduce-the-overall-value-of-an-estate\">Naming a beneficiary helps your life insurance payout <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-probate-how-does-it-work\/\" data-dig-id=\"LP-LifeInsurance-36786-09260117\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"avoid probate\" class=\"rbc-link-format\">avoid probate<\/a> \u2014 the legal process of validating a will and settling the estate. Probate can take time and may involve legal and administrative fees, which can reduce the overall value of an estate.<\/p>\n\n\n\n<p>Because the death benefit typically goes directly to the named beneficiary, it usually isn\u2019t included in the estate\u2019s value for probate, which can help reduce delays and legal costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-privacy\">Privacy<\/h3>\n\n\n\n<p>Because the payout typically bypasses your estate, it doesn\u2019t become part of the public record. That means your financial details \u2014 including who receives what \u2014 stay private, rather than being exposed through the probate process.<\/p>\n\n\n\n<p>This can matter more than most people realize. Probate records can be accessible to the public, which means anyone could potentially see the value of your estate and how it\u2019s distributed. Keeping your life insurance outside of that process helps protect your family\u2019s financial information, reduces unwanted attention, and keeps sensitive decisions \u2014 like how you\u2019ve divided assets \u2014 confidential.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-flexibility\">Flexibility<\/h3>\n\n\n\n<p>Naming a beneficiary gives you a lot of say in how the money is shared. You can decide exactly who gets what, split it across multiple people or causes, and update it over time as your life evolves.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ease-burden-for-loved-ones\">Ease burden for loved ones<\/h3>\n\n\n\n<p>Losing someone is already overwhelming. The last thing your loved ones need is more paperwork and problems to solve. Without it, they may be left figuring things out while grieving \u2014 dealing with forms, waiting on decisions, or wondering what you would have wanted. Naming a beneficiary means one less thing for your loved ones to figure out during a difficult time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-security-and-peace-of-mind\">Financial security and peace of mind<\/h3>\n\n\n\n<p>At its core, this is about taking care of the people who matter most to you. A payout can help cover immediate expenses, replace lost income, keep a roof over your family\u2019s head, or support a child\u2019s future.<\/p>\n\n\n\n<p>Naming a beneficiary helps make sure that support is there when it\u2019s needed most, so your loved ones aren\u2019t left stressing about money on top of everything else.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-happens-if-there-is-no-beneficiary-on-a-life-insurance-policy-0\">What happens if there is no beneficiary on a life insurance policy?<\/h2>\n\n\n\n<p>If you don\u2019t name a beneficiary on a life insurance policy, the death benefit becomes part of your estate. That means it goes through the probate process \u2014 the legal process of validating your will and settling your estate.<\/p>\n\n\n\n<p>Probate can be a lengthy and public process. It can involve legal and administrative fees, as well as snags in distributing the assets. Without a designated beneficiary, you lose the speed and simplicity life insurance is meant to provide. Instead of going directly to the people you choose, the proceeds become entangled in the broader estate settlement process and may be reduced by fees before it\u2019s distributed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-consider-when-choosing-a-life-insurance-beneficiary-0\">What to consider when choosing a life insurance beneficiary<\/h2>\n\n\n\n<p>Picking a life insurance beneficiary is deeply personal, reflecting your relationships and values. Consider the following when deciding who should be listed as your beneficiary or beneficiaries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-dependence\">Financial dependence<\/h3>\n\n\n\n<p>Who relies on you financially? This could be a spouse, children, aging parents, a friend, or anyone else who depends on your income. Your policy can help replace income and provide stability for those who depend on you most.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-family-dynamics\">Family dynamics<\/h3>\n\n\n\n<p>Every family situation is different. If you have a partner, children, a blended family, or grandchildren, think about how the benefit will be shared and whether the distribution feels fair and practical.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-age-of-beneficiaries\">Age of beneficiaries<\/h3>\n\n\n\n<p>If you\u2019re naming a minor, consider whether a trust makes more sense. Without one, the payout may be held until they reach the age of majority, with limited control over how it\u2019s used.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-your-broader-financial-plan\">Your broader financial plan<\/h3>\n\n\n\n<p>Your life insurance doesn\u2019t exist in isolation. Consider how it fits alongside your will, savings, and other assets, and whether it\u2019s being used to cover specific needs \u2014 like a mortgage, debts, or education costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-charitable-intentions\">Charitable intentions<\/h3>\n\n\n\n<p>You might want to leave a legacy through charities, organizations, or academic institutions that are important to you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-relationships\">Business relationships<\/h3>\n\n\n\n<p>If you own a business, consider how your absence might impact operations and whether a partner should be named as part of a succession or buy-sell arrangement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-revocable-vs-irrevocable\">Revocable vs. irrevocable<\/h3>\n\n\n\n<p>Decide whether you want flexibility or certainty. A revocable beneficiary lets you make changes over time, while an irrevocable one locks in the decision.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-keep-it-up-to-date\">Keep it up to date<\/h3>\n\n\n\n<p>Life changes \u2014 marriages, divorces, births, a business, evolving priorities. Review your beneficiary designations regularly to make sure they still reflect your intentions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-take-the-next-step-0\">Take the next step<\/h2>\n\n\n\n<p>Naming a beneficiary is one of the simplest ways to make sure your life insurance does what it\u2019s meant to do \u2014 support the people and priorities that matter most to you. It helps your money get where it needs to go, without delays, confusion, or added stress for your loved ones.<\/p>\n\n\n\n<p>If you\u2019re not sure where to start, or want a second opinion, speaking with a licenced insurance advisor can help. They can walk you through your options, answer your questions, and help you build a plan that reflects your goals.<\/p>\n\n\n\n<p>It\u2019s a small step now that can make a meaningful difference later.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\"><\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-faqs faqs\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-faq-about-life-insurance-beneficiaries-in-canada\">FAQ about life insurance beneficiaries in Canada<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-what-happens-if-my-beneficiary-dies-before-me\">What happens if my beneficiary dies before me?<\/h4>\n\n\n\n<p>If your beneficiary passes away before you, the payout typically goes to your contingent (backup) beneficiary \u2014 if you\u2019ve named one. That\u2019s why it\u2019s a good idea to always have a backup in place.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If no contingent beneficiary is listed, the payout may go to your estate instead. That can mean delays, probate, and added costs \u2014 the very things most people are trying to avoid.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-can-i-name-multiple-beneficiaries-on-my-life-insurance-policy\">Can I name multiple beneficiaries on my life insurance policy?<\/h4>\n\n\n\n<p>Yes, you can name more than one beneficiary and decide how the payout is split between them. For example, you might assign specific percentages (like 50\/50 or 70\/30), depending on your priorities.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You can also name both primary and contingent beneficiaries and choose whether the split is equal or tailored to each person\u2019s needs.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-is-my-common-law-partner-automatically-my-beneficiary\">Is my common-law partner automatically my beneficiary?<\/h4>\n\n\n\n<p>No \u2014 you need to name them explicitly.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Even though common-law relationships are recognized in many provinces, that doesn\u2019t automatically make your partner your life insurance beneficiary. If you want them to receive the payout, you need to list them on your policy.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-can-i-name-my-estate-as-beneficiary\">Can I name my estate as beneficiary?<\/h4>\n\n\n\n<p>Yes, but it\u2019s usually not recommended.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If your estate is the beneficiary, the payout becomes part of your estate and may go through probate. That can lead to delays, added costs, and potential exposure to creditors.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>There are situations where it might make sense, such as if you want the funds distributed according to your will. But in most cases, naming a beneficiary directly is simpler and faster.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-what-information-do-i-need-to-designate-a-beneficiary\">What information do I need to designate a beneficiary?<\/h4>\n\n\n\n<p>You\u2019ll typically need a few key details:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Full legal name<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Date of birth<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Relationship to you<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Social Insurance Number (optional, but helpful for identification)<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Providing accurate information helps avoid confusion or delays when the time comes to process a claim.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-9b37ced7-cd19-439d-88d3-82bc3fc9e940 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-9b37ced7-cd19-439d-88d3-82bc3fc9e940 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-9b37ced7-cd19-439d-88d3-82bc3fc9e940\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-LifeInsurance-14454-2de7ba0a\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">1. Rate based on a $100,000, Term 10 policy for a male, age 37, non-smoker. This does not constitute advice. Please speak with a licensed insurance advisor for more information on what coverage is suitable for your needs. Subject to policy exclusions. Underwritten by RBC Life Insurance Company. The information within this site is not intended to provide tax advice. You should seek independent tax advice from a tax professional or advisor.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the types of life insurance beneficiaries is essential for making informed decisions about estate planning and how your assets will be shared.<\/p>\n","protected":false},"author":208,"featured_media":14455,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[4],"article-type":[80],"ppma_author":[188],"class_list":["post-14454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-life-insurance","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized 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