3) People you are financially intertwined with should be beneficiaries
Your main beneficiaries should be people you’re connected with on a financial level. A husband or wife is usually a no-brainer—but if you have children, it’s essential that they are named as beneficiaries. Otherwise, what would happen if you and your spouse were killed in an accident?
4) Consider how long your beneficiary will need the money in order to avoid waste
If you pick a beneficiary who isn’t old enough to need your death benefit, he or she could end up wasting it. You might have no control over when you die, but at least you can choose someone who needs access to your money soon. However, it’s not always a good idea to choose a minor as your beneficiary—even though they may technically be able to use your policy—because in most cases they won’t know how best to do so.