Your life insurance requires that you designate a beneficiary or beneficiaries to receive the money from your policy when you die. 

Remember that you can name more than one beneficiary for the proceeds of your policy. 

You should think carefully about the costs you need to cover for your family and whether you need to name a secondary beneficiary or beneficiaries in case you and your primary beneficiary die at the same time in an accident, fire or other mishap.

Remember that you cannot leave proceeds to an under aged child but instead must leave the proceeds to an adult who can administer the funds through a trust or other device until the child is of age.

In truth, you can leave the proceeds of your estate to anyone – a parent who may need money for living expenses, a cat or dog, a charitable institution or your neighbor, Fred.

Remember that your family or spouse may also get your pension and/or Social Security benefits, so you need not overspend on your insurance policy, though you do want to leave enough for your family to be comfortable. 

Remember the special needs of a disabled child or a parent whom you support.

You should note that if your estate totals more than $650,000, your survivor(s) and beneficiary or beneficiaries will have to pay Federal estate taxes!