Can I change my beneficiary at any time?

Question

As things stand, I am updating the beneficiary section of a life insurance policy after changes in my family. As things stand, I want to avoid a claim being paid to someone I no longer intend or creating unnecessary probate. My family or work situation recently changed, and the policy may not fit the need it was meant to cover.

Soradin · Accepted Answer

A policy owner can usually change a revocable beneficiary, while an irrevocable designation may require consent. When evaluating the policy, the policy form generally controls, so names, percentages, relationships, and contact information should be kept current. Look to the policy language and current values when deciding what the coverage really provides, rather than relying on a sales summary alone. Make sure the beneficiary designation and the broader estate plan point in the same direction, because the policy generally pays according to the designation on file.

Can I change my beneficiary at any time?

Soradin

Need help with your situation?