Beneficiary has an alternate definition of being the person designated to receive the benefits of a life insurance policy and can be either revocable or irrevocable. Once a an irrevocable beneficiary is named they cannot be changed while a revocable beneficiary can be changed whenever the owner of the policy decides. Polices can have as many beneficiaries as the owner desires. The primary beneficiaries receive their benefits first; if, however, they are deceases as well, the secondary benefits receive the benefits and if they are also unavailable final beneficiaries receive the benefits Individuals should name all three types of beneficiaries when planning their life insurance and estates so that someone they choose receives the benefits of their hard work and planning.