Often, people’s lives change. Births, adoptions, marriages, divorces and deaths are some of the reasons you may want or need to change the person (or people) who would receive your life insurance money if you passed away. It’s a good idea to check your beneficiaries yearly. You can make a change online at any time.

Pretty much anybody except yourself. You can name family members or friends, a church, charity or other organization. Or a trust or estate if you have one. You can pick one person to receive the money from your policy or pick more than one and divide up the total amount by percentages. (For example, 50% to your spouse and 25% percent to each of your two sisters.) Children who are minors can be beneficiaries, but you will need to make a special arrangement.

It’s important to enter the complete legal name of the person or organization you add as a beneficiary (and not “my wife” or “my church”) and their address to make sure the beneficiary can be positively identified and to help locate them if necessary.