Revocable or irrevocable
A revocable designation can be changed freely by the policyholder. An irrevocable one cannot be changed without the beneficiary’s written consent, and it also restricts certain acts such as a surrender or a policy loan.
The rule specific to married and civil-union spouses
In Quebec, designating a married or civil-union spouse as beneficiary is irrevocable by default in an individual insurance contract, unless the contract states otherwise. It is a feature of Quebec law that regularly surprises people.
A de facto spouse is not covered
This presumption does not apply to a common-law spouse, even after many years together. An express designation is required, failing which the benefit follows the contract’s order or falls into the estate.
Exemption from seizure
Where a beneficiary is designated and stands in a family relationship set out in law, the benefit may be beyond the reach of the policyholder’s creditors. A benefit paid to the estate, for lack of a designation, has no such protection.
Divorce, separation, nullity
A judgment of divorce or nullity of marriage lapses the spouse’s designation, unless a contrary intention is expressed. Separation from bed and board does not have the same effect: the distinction is technical and consequential.
Minor beneficiaries
A benefit paid to a minor is administered under tutorship rules, with the constraints that implies. A testamentary trust or the designation of a trusted adult is planned with a notary.
Revisit at every life event
Marriage, separation, birth, the death of a beneficiary, a new union: each warrants rereading the designations. A form signed fifteen years ago still dictates who receives the money.
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