Definition
Beneficiary
A beneficiary is the person or persons you designate to receive the sum insured of a life policy when the insured event occurs. The beneficiary designation is not updated automatically with life changes — marriage, divorce or the birth of a child do not by themselves change who gets paid.
An outdated beneficiary is one of the most common and most painful mistakes in life insurance. A policy opened before a marriage or a child may still pay the wrong person. The fix is simple — a declaration to the insurer — but nobody remembers it unless they check.
In your own life policy, find the «beneficiaries» section and confirm it reflects your current intent. After every major life change, update the designation in writing. PolicyWallet surfaces the named beneficiaries and reminds you to re-check them.
Upload your policy — free analysisFrequently asked questions
Does the beneficiary change automatically after divorce?
No. It stays as you declared it until you change it with a new designation to the insurer.
Related
Educational content, not insurance advice. PolicyWallet explains what the term means and helps you find it in your own document — it does not assert what your policy covers.