A beneficiary is the person whom you choose to receive the funds from your life insurance policy. You may choose to name just one beneficiary, or several—it is all up to you. When you name beneficiaries, it is best to be extremely clear and provide as much information as possible. By providing enough information, it will be much easier for your life insurance company to contact them and it will also be less likely for anyone to dispute the distribution of your funds. If you do choose to have several beneficiaries, your funds do not have to be split equally—you can choose how the funds will be split. Further, you may not choose a person to be a beneficiary; there are other options, for example a business or a charity.