Life insurance beneficiaries, and why your will doesn't override them
The form wins, not the will.
Life insurance pays whoever is named on the policy's beneficiary form, not whoever is named in your will. The insurer pays them directly, usually without probate.
That's why an old form matters. An ex-spouse, a parent who has died, or no one at all may still be listed.
What to check
Primary beneficiary: who gets it first
Contingent beneficiary: who gets it if the primary has died
Percentages, if you've named more than one person
Workplace policies, often set up on your first day and forgotten
Good to know
If no beneficiary is alive or named, the money usually goes to your estate and through probate. Naming a young child directly can mean a court has to appoint someone to manage it.
