If the policy is on you and you are owner of the policy, you can generally name whoever you want as beneficiary.
If you own the policy on the life of someone else, then the beneficiary should have an insurable interest with the insured (e.g. you buy a policy on your child and name their live in partner as beneficiary).
If you are able to purchase a policy on someone else, you already have an insurable interest in the insured, so can be the beneficiary yourself, in most situations.
Keep in mind that different life insurance companies can have different determinations of what is allowed. Check with a broker beforehand to find out which carriers will work with you to set up the type of policy arrangement you need, or to set up your policy in another way to accomplish your goals.
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If you own the policy on the life of someone else, then the beneficiary should have an insurable interest with the insured (e.g. you buy a policy on your child and name their live in partner as beneficiary).
If you are able to purchase a policy on someone else, you already have an insurable interest in the insured, so can be the beneficiary yourself, in most situations.
Keep in mind that different life insurance companies can have different determinations of what is allowed. Check with a broker beforehand to find out which carriers will work with you to set up the type of policy arrangement you need, or to set up your policy in another way to accomplish your goals.