Who Can Be Named a Life Insurance Beneficiary? Can You Name More Than One?

When you take out a life insurance policy, one of the most important (and often most confusing) decisions is naming a beneficiary. This is the person who will receive the payout and the protection you've built, passing it on to the people you care about most. Many people wonder: who exactly can be named a beneficiary? Does it have to be a family member? And is it possible to name more than one person? Here's everything you need to know.

A beneficiary is the person or legal entity you name in your insurance policy as the one entitled to receive the claim payout under the conditions set by the insurer. When the unexpected happens, that sum of money acts as a financial safety net - helping the people you leave behind continue their lives without disruption. The name you specify must be clear and meet the required criteria set out by the policy.

The beneficiary must be a real, legally recognised person or entity whose existence can be verified. In most cases, people choose someone with a close personal connection, a blood relative or a legal heir. Under Thai law, legal heirs are recognised in the following 6 orders of succession:

• A legally registered spouse, legitimate children, children acknowledged by the father and adopted children
  
• The parents of the policyholder
  
• Siblings sharing both the same father and mother
  
• Siblings sharing only one parent in common
  
• Paternal and maternal grandparents
  
• Uncles, aunts and other relatives of the same generation as the parents
  

You are legally entitled to name anyone as your beneficiary, including a close friend, a partner or even a charitable organisation you wish to leave money to. However, naming someone with no blood relationship or a non-family organisation may require additional supporting documents explaining the nature of the relationship, so the insurer can review the nomination thoroughly in line with its conditions. This also helps prevent potential disputes further down the line.

At any point during the life of your policy, you can add or change the names of your beneficiaries, provided the policy has not yet been handed over to the existing beneficiary and that beneficiary has not yet formally declared their intent to claim their rights. Simply complete the relevant form and submit documentation confirming the new relationship, so your coverage accurately reflects your current wishes and circumstances.

Let KKP Better make managing your finances and planning for your loved ones' future simple. The financial planning app from Kiatnakin Phatra Bank brings together deposits, loans, insurance, investment and retirement planning all in one place. You can choose and purchase life insurance* to pass on security to the people you love - quickly, conveniently, and without complicated steps. So you can be confident that every financial goal is well taken care of.

Naming your beneficiary is one of the most important things you can do to ensure your insurance payout reaches exactly who you intend. Whether that's a family member, a life partner or a business partner. You have the freedom to choose and allocate among multiple people as you see fit. If you're looking for a tool to help you manage your financial life and purchase life insurance for the future, download KKP Better today and start building security for the people who matter most.

*Insurance applicants should understand coverage details and terms and conditions before making insurance decisions.

Generali Insurance (Thailand) Public Company Limited is responsible for all obligations under the terms and conditions specified in the insurance policy. 

Kiatnakin Phatra Bank Public Company Limited acts solely as an insurance intermediary.

**Warning: Borrow only what is necessary and within your repayment capacity.

The Effective Interest Rate (EIR) ranges from 7.99% - 25% per annum. 

Loan approval criteria and conditions are as determined by Kiatnakin Phatra Bank. Please study the product information in detail.

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