Question
What is the name of your state? New York Under NY law, is it possible to have more than one beneficiary on a life policy? If yes, can the policy specify how much goes to each beneficiary?
Answer
Yes you can have more than one beneficiary and you need to be talking with your insurance agent or company to find out how to do the designation properly.
Answer
You may elect dollar amount or percentage of the proceeds per beneficiary. One advantage of the percentage method is that if the deceased dies as the result of an accident with accidental death coverage provided. Or, you may state 'equal shares'.