Quora Answer: Can You Name Yourself as the Beneficiary of Your Own Life Insurance Policy?

The following is my answer to a Quora question: “Can you name yourself as the beneficiary of your own life insurance policy?  If so, when would it be advantageous to do so, and what consequences should be considered?”

If it is life insurance only, the policy pays out a death benefit.  You have to die first.  Unless you have a resurrection plan, you cannot possibly be the beneficiary of your own policy  If you have not nominated anyone, the policy will pay out into your estate upon your demise, and it will either be disbursed according to your will or, if you have no will, intestate laws.

If there are total disability and critical illness riders, as the life insured, the policy automatically pays out upon your claim.  There is no need to nominate yourself, since you are the life insured.