Thursday, 14 July 2016

Changing Beneficiaries on Your Life Insurance

As long as you are the owner of the life insurance policy, you can change your beneficiary anytime and to whomever you want. The ease at which this would be done will largely be determined by your insurance company. Usually they require that you meet certain conditions first before enacting such changes.  

When applying for a life insurance, there is an option that would allow you indicate if you want the beneficiary to be irrevocable. If this is done, it means you would need the consent of the beneficiary before changes can be effectively made. If there is a need for a change, the best and first thing to do is to call your insurance agent and notify him/her. The agent will help you fill out the form for a beneficiary change.

The initial beneficiary will still have right to your policy buy you can add more beneficiaries to share from the policy. If you do not have an insurance agent or cannot reach the agent, you can call your insurance company directly and explain things to them. Insurance companies like Greater National Group always have a life insurance expert on call at any time to help address issues like this.

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