Permitted beneficiary for life insurance in DB plan

[Guest Dave Peckham]

I have an insurance underwriter who insists that I must list the DB plan itself as beneficiary in a policy owned by the DB plan. Is she correct, or can I list the participant (insured)'s spouse as beneficiary instead?

[rcline46]

The owner and beneficiary of a policy in a DB plan must be the plan. The beneficiary of the plan's benefit (which then includes the proceeds of the policy) can be anyone permitted under the plan rules. The agent is correct.