If your beneficiary happens to be a minor child, a guardian has to be named and designated to supervise all insurance proceeds.

Another issue with your life insurance beneficiary is to make sure in any life changing event such as divorce, death of your primary beneficiary or birth of your child, that beneficiary is changed to fit new events.

You can change a revocable beneficiary at any time by filling out necessary paperwork with your life insurance agent. However, if you named an irrevocable beneficiary to your estate, beneficiary cannot be changed without there consent. If that person refuses, nothing can be done about it.

Before deciding on a type of beneficiary as well as naming your beneficiary to your life insurance policy, it is recommended that you consult with an insurance professional.

Another benefit from life insurance is that a permanent life insurance policy offers cash value. That means that you could borrow against it for college loans, a down payment for a home, or any personal loan. The lender uses life insurance policy for a down payment.

So throughout all these stages in a person's life, life insurance should be considered and reexamined to fit different life changing events. From day you graduate high school to day you retire. A qualified life insurance professional can help you decide which policy to start, how much you can afford to pay and how much to open a policy for.