The Moneyist clarifies beneficiary rules for renewing a term life policy

14 articles · Updated · MarketWatch · May 6

A 56-year-old Arizona man with a $400,000 10-year policy and $200,000 workplace cover was told incorrectly that his brother could not be named beneficiary.
The column says insurable interest applies to the policy owner at issuance, not to beneficiaries, so naming an estate first and changing it later is unnecessary.
It also questions whether renewing term cover makes financial sense for a single person without dependants, noting premiums could exceed $1,500 a year and rise sharply with age.

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