You can name an alternate or contingent beneficiary. This person will receive the death benefit if your named beneficiary dies before you or at the same time you do. If you have not named an alternate or contingent beneficiary, your death benefit will be paid to your estate.
Easy answer provided by FSCO (Financial Services Commission of Ontario)
When you purchase a life insurance policy, you can name a beneficiary. A beneficiary is a person or persons who will receive the death benefit
What is a beneficiary, and how do I choose one? Keep Reading
You can name your spouse, children, dependents, another family member, a friend, or a charity as a beneficiary. If you name more than one beneficiary,
Who can be a beneficiary? Keep Reading
It’s easy to name your children as beneficiaries, as long as they’ve reached the age of majority (18 in most provinces).
Can my children be my beneficiary? Keep Reading
In Ontario, children under 18 cannot receive control over any money left to them in an insurance policy. If you want the children to receive
Can I name my under-age children as beneficiaries? Keep Reading
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