Yes! Any policy can designate more than one beneficiary, but you should always review your policy (we can help) to identify how many beneficiaries are allowed. Often, policyholders list a contingent beneficiary, also known as a secondary beneficiary, as a backup in the case that the primary beneficiary cannot benefit from your policy.
If you decide to have more than one beneficiary, then you must allocate a certain percentage to each beneficiary, totaling 100%. When the death benefit is paid, each beneficiary will receive their allocated percentage. It’s important to note that as the policyholder, you can nominate anyone as a beneficiary and make adjustments at any time.
