If you believe you are entitled to a life insurance inheritance, but someone else is designated as a beneficiary on the policy, you likely are wondering: Who can change the beneficiary on a life insurance policy?
Unfortunately, there are no circumstances under which a life insurance beneficiary can be changed after the death of the policyholder, which is why policyholders are encouraged not only to select their beneficiaries carefully, but also to regularly review them, and if necessary, update them as their life circumstances change (e.g., they get married or have children).
If a policyholder is alive, and the beneficiary designation is revocable, they have a right to change, add and remove life insurance beneficiaries as often as they’d like, but they should be careful when doing so, particularly if they’re married, because their spouse may have a right to 50% of the death benefit if community assets were used to purchase the policy. They also should be mindful about complying with the provisions of the policy when making changes to beneficiaries. For example, a policy may call for the policyholder to have two witnesses present when making changes to beneficiaries.
For a change of beneficiary to be effectuated, an insurer may require for the forms to arrive at its office prior to the policyholder’s death. If it does not arrive by this time, the insurer may provide the death benefit to the original designated beneficiary.
