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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