The answer will depend on the language of the life insurance policy. Most life insurance contracts allow to put down a beneficiary and it doesn't matter if it is a spouse or some other person. Make sure to read the contract carefully and ask your insurance agent.
You can name anyone you want as beneficiary of your own life insurance policy. If the two of you have kids, this would be appropriate. If they go before you, then you can name a different beneficiary or cancel the policy. If it is a term life policy, you will get nothing back. If it is a whole life policy (more expensive) it will likely have cash value after a year or two. So you can borrow on the policy at a favorable interest rate, or receive cash on surrender. Or you can keep it in force as a retirement asset. Talk to a good independent life insurance agent about these options: It’s free unless you buy a policy.
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DISCLAIMER—This answer is for informational purposes only under the AVVO system, its terms and conditions. It is not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship.
(Bryant) Keith Martin
You are free to list any beneficiary you want on the life insurance policy covering your life. This question is best directed to your insurance agent, who can help you decide an a policy and help in filling out the beneficiary designation forms.