If a company pays the premium on a possession time insurance policy, can the beneficiary be anyone?

Answers: the beneficiary have to own insurable interest brother,sister,wife,kids, relatives even you the company.after a policy has been issued you can rework the beneficiary to who ever you want
The beneficiary is determined by the policyowner for individual insurance. It may be different for group insurance, but the policyholder contained by this case usually designates the beneficiary. My question to you would be, first, is the 'company' surrounded by your question an employer or the insurance company? If it's an insurance company, I would tell you to review your 'waiver of premium' rider, which are amazingly restrictive on term policies. I'm assuming it's a group policy provided by an employer. In any case, the beneficiary can be anyone - and they hold no right to access the policy ever to find out if they are the beneficiary. I could name you in my duration policy and you would have no rights whatsoever to the information in the policy. There is a difference if the beneficiary is 'irrevocable', within which case you would have to be notify about the policy and provide a signature during the process.
to the first poster, Insurable Interest has absolutely nought to do with the designation of beneficiaries. Insurable interest refers to whether a person can or can't purchase insurance on another individual. When it comes to beneficiaries you can move off the money to a complete stranger if you want, it doesn't matter.

To answer the question...In most cases if this is a policy where on earth the company owns the policy on the person and it's not a group/employee benefit the company would decide who the beneficiary is (In 99.9% of cases the company itself is the beneficiary so the money can be used to train/hire a replacement for this person). As mentioned this is certain as key person insurance, where on earth the company is basically saying "We hold insurable interest in this person becuase they are a push button factor in the success of this company and if this individual dies we will incur a significant loss contained by business and it would take a substantial amount of money to replace this person"

If this is a policy that is some form of benefit for working there like member of staff benefits like Medical and dental, then the hand would be able to elect whom ever they want as the beneficiary. Source(s): financial advisor.
The beneficiary can be anyone with insurable interest contained by the life of the insured. In other words, someone that would be better off beside you alive than with $1 million. That could be a family beneficiary or a business partner.

Now there may be some tax issues here. Typically vivacity insurance premiums are not tax deductible for individuals, but they are companies if the insurance has a legal business reason. Talk to a good levy accountant if this is the heart of what you are trying to get at. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
So the company owns the policy. If the company is also the beneficiary, it is a key man policy. If the beneficiary is a personal benefit of the member of staff, it is a split dollar policy.

Key man policies are simple and straight forward. If it is split dollar, talk to your accountant about whether loan regime or financial benefit would be better for your needs.
Either the company is paying because this is "key man" coverage, in which luggage the company is the beneficiary, or it's a benefit of employment, in which case the member of staff picks the beneficiary.
The listed policy owner have the right to specify any beneficiary and has the right to change the beneficiary at any time.

Please transcribe that the premium payer is not necessarily the policy owner. Source(s): 35 years insurance industry experience
I am an insurance agent and yes you can. Only entry stopping that is if it was for profusely of money like 1,000,000.00
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