Hero Images/Getty Images Life insurance beneficiaries receive the payout from a life insurance policy. A will or trust doesn't supersede a life insurance policy. Life insurance beneficiaries are final. Most life insurance policies make it easy to change or update your beneficiary if you change your mind about who should get the death benefit, for example after a divorce. Policygenius can help you compare life insurance to find the best coverage for you, at the best price » What is the point of life insurance?