That person is called a beneficiary. Your life insurance beneficiary can be a family member, a friend, a business partner, a charitable organization or a legal entity like a trust or your estate. While the beneficiary is your choice, some states have laws that regulate who you can name as a beneficiary.Click to see full answer. Accordingly, who can you list as your beneficiary?Primary beneficiary: The primary beneficiary is the person (or persons) who will receive the proceeds of the life insurance policy when the insured person dies. However, the primary beneficiary will not receive any proceeds if he or she dies before the death of the named insured. can an insurance agent be a beneficiary? Choosing a Life Insurance Beneficiary. A beneficiary can be a person, charity, business or trust. If the beneficiary is a person, they can be a relative, child, spouse, friend or anyone else you happen to know. As some agents like to say, you can even name your “secret lover” as a life insurance beneficiary. Also asked, how many beneficiaries can you have on a life insurance policy? The beneficiary of your life insurance policy is the individual who will receive the benefit in the event of your death. You’re not limited to just one person. A policy can have more than one beneficiary. A policy’s primary beneficiary is the first person who will receive the benefits of that policy when you die.Can you have two primary beneficiaries on life insurance? You Can Have Multiple Beneficiaries. For example, you can have two primary beneficiaries and three contingent beneficiaries. Or you can have five primary beneficiaries and no contingent beneficiaries. There are no limits to the number of beneficiaries you designate, as long as each one has an insurable interest.