Does my life insurance beneficiary have to be a relative or can I select someone else?

As a general rule, your life insurance beneficiary does not have to be a relative. You can select anyone you choose as your beneficiary, as long as they have an insurable interest in your life, which means that they would be financially impacted by your death. In fact, many people choose to name a non-relative as their life insurance beneficiary. This could be a friend, business partner, charity, or any other person or entity that you want to receive the proceeds of your life insurance policy upon your death. When selecting a beneficiary, it's important to consider the person's age, financial situation, and relationship to you. You should also make sure to keep your beneficiary designation up to date, especially if your circumstances change, such as getting married, having children, or divorcing. It's also important to note that some states have laws that limit who you can name as a beneficiary. For example, in community property states, your spouse may have certain rights to your life insurance proceeds, regardless of who you name as your beneficiary. Additionally, some states have laws that prohibit you from naming certain individuals as your beneficiary, such as someone who has been convicted of a crime. To ensure that your life insurance beneficiary designation is legally valid and reflects your wishes, it's recommended to consult with a licensed insurance agent or an attorney.