Brother and Life Insurance Beneficiary?

Question

Is it possible for a single, unmarried, never been married before man with no kids to have his brother and/or nieces and/or sister-in-law be their beneficiary (ies)?

Answer 1

Yes, as long as there is an insurable interest.  Dogs can be beneficiaries.  Go figure.

Answer 2

At the time the policy application is written, your beneficiary has to have an insurable interest in your life. After the policy is issued and placed, you can change the beneficiary designation to anyone you want. You can also designate, even at time of application, a non-profit organization, such as your church, or a funeral home that you want to have take care of your funeral, as your beneficiary. If you make a non-profit organization the irrevocable beneficiary, you may be able to deduct the premiums on your tax return.

Answer 3

Yes, relatives are preferred because they can better show insurable interest, keep in mind that you do not want to put a minor as your beneficiary because the insurance company cannot cut a check to a minor.

Answer 4

More of these "single unmarried, never been married no kids" questions.  

That whole phrase, is IRRELEVANT to most insurance questions.  

That man can name anyone he wants as beneficiary.  Even me.  Even if he was once married.  Even if he has 75 children.   Unless he's unmarried.  Just kidding.  Even if he's unmarried.