You can have multiple beneficiaries. Keep in mind the face value of the policy when the policy owner is determining the amount of beneficiaries.
A beneficiary can be:
The insured’s estate
A person or persons
A class of persons
A business
A minor
When a person is designated as a beneficiary, they can be stated as revocable or irrevocable.
A revocable beneficiary can be changed, without any consent required from the beneficiary. An irrevocable beneficiary must give their consent to the change in writing.