Usually, spouses have an insurable interest in each other's lives. In the business relationship, the business usually has an insurable interest if financial losses occur due to the death of the insurable employee. However, the insurable interest must only exist at the time the contract is made and must not be present at the time of the insured's death. So, there should be some communication and agreement between insured and beneficiaries to get life insurance. Exceptionally, parents may purchase a relatively small amount of life insurance for their child without consent because the child has no knowledge of the legal aspects and this is meaningless. Beneficiaries are identified in different ways, such as class, group or mane. While the insured may change beneficiaries at any time within reason, beneficiaries must be carefully selected and constantly reviewed. Most importantly, beneficiaries should be named by name, clearly and specifically to ensure that your death proceeds are provided to the right beneficiary upon your death. Having multiple beneficiaries is another way to manage beneficiaries and expand the insured's will to prevent the process from being floated to third parties