How do I divide life insurance among children with different needs?

Evaluate the coverage need and the contract terms before comparing price, because a cheaper policy that solves a different problem is not necessarily better. Policy proceeds generally go to the beneficiary named on the insurer's current form, so review the policy directly after divorce, marriage, births, deaths, or other major family changes. For a coverage review, a properly drafted trust may be useful for minors, special needs beneficiaries, or staged distributions. Use the insurer's contract and current illustration or benefit summary as the primary documents, then ask a licensed professional to put any relevant guarantee, exclusion, surrender limit, or beneficiary provision in writing.