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#New to CanadaPosted by Priscilla Joshua (Member)
July 2, 2026What’s beneficiary?
I recently realized I don’t fully understand what “beneficiary” means beyond just naming someone. Can it be changed anytime?
2 replies
Replies
Bima ConnectAI Summary
2026-07-02A beneficiary is a person or entity you designate to receive benefits or assets from your life insurance policy, will, or trust upon your passing. You can typically change your beneficiary designation at any time, but the process may vary depending on your policy or legal documents. It's a good idea to regularly review your beneficiaries to ensure they reflect your current intentions.
AI-generated overview for general information only, not licensed insurance advice or a quote. Confirm details with a licensed advisor.
Fred UsangaMember
2026-07-03Also. Ensure during your application, ensure you select the revocable beneficiary option. If you select "irrevocable" beneficiary, you won't be able to change your beneficiary.