What is the term for an individual who benefits from a life insurance policy?

The term that refers to an individual who benefits from a life insurance policy is "beneficiary." This individual is designated to receive the benefits from the policy upon the death of the insured person. In life insurance, the person who has the policy and pays the premiums is known as the policyholder, while the insured is the person whose life is covered by the policy. The insurer is the company that issues the insurance policy and takes on the risk for the coverage provided. Thus, the beneficiary is the correct term for the individual who will receive the financial protection that the insurance provides.