Best Practice of Designating a Beneficiary Without Benefits Module?

Summary:

We do not use the Benefits Module outside of the US but would like employee in other countries to perform employee self service to designate a beneficiary in the case of their death.

Content (required):

Would the Contacts section in Person page be a good place?

I was thinking, would it be possible to create a flexfield with a YES / NO dropdown or just a checkbox for "Is this person a Beneficiary" so that when employee inputs contact information, they could also designate a beneficiary directly.

And if possible, it would be good to limit the number of beneficiary they can designate.