Can I name any beneficiary I choose? (Disambiguation)

[Belgrave Mertz]

What is the name of your state (only U.S. law)? Oregon

From: Can I name any beneficiary I choose? (Oregon)

second paragraph:"
It is not necessary for the beneficiary to have an insurable interest in the life of the insured. For example, you may wish to buy a life insurance policy naming your college or a buddy as beneficiary. "

Third Paragraph:
"Where a person ostensibly buys a policy on his own life, names an appropriate beneficiary, and then promptly changes the beneficiary and "assigns" the policy to someone without an insurable interest, there is always the possibility that it was part of a scheme to avoid the insurable interest rules, which may render the policy voidable."

My question(s) below.
__________________________________________________________________________________

To my knowledge my only living relatives are 6 siblings (two brothers, two sisters) and
two "half-brothers" (same mother), none of whom I've had any contact with since age
four.
I am now fifty five years old and have a life insurance policy though my employer (United State Postal Service) with a payout of approximately $250,000 (5X my base yearly salary).
The current beneficiary is a woman I lived with at the time I was hired (1978). At the time we were buying a house together and so I wasn't concerned about "insurable interest" since naming her as beneficiary served as a sort of mortgage insurance.

Long story short; we split up in 1990, sold the house in '91 and no longer have any remaining financial ties whatsoever.


My questions are these:

May I now name my two closest friends as beneficiaries without worrying about having to establish some sort of "insurable interest" on their part? (Oregon)

Do I need to be concerned about my siblings having a legitimate claim to some or all of the payout? (Oregon)

[anteater]

Assigning a life insurance policy is not the same as naming a beneficiary.

There is no obligation to name a sibling or siblings as beneficiary(ies).

[Betty]

Agree. Since this policy is already in force, you can name anyone you want as bene(s). (Change the bene(s) to anyone you want.)

[Dandy Don]

You can even designate the percentage of the payout that you want each beneficiary to have: 50-50 or anything else you want. Ask the insurance company to send you a beneficiary designation form.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)