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2013-05-14 14:23:56
2013-05-14 14:23:56

Only the POLICY OWNER can change the beneficiary on a life insurance policy. In most cases, the insured is also the policy owner, but it's not a general rule.

The policy owner can be another person who is paying the premium (for example, a parent or guardian, spouse or other family member), or a bank, or a business. If the policy owner is not the same person as the insured, then the insured has no control over who the beneficiary is on the policy.

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Related Questions


The Insured can change the beneficiary on a life insurance contract.


Perhaps this question could be rephrased. The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable. The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).


Only the owner of the life insurance policy can change the beneficiary designations. In many case the owner is the insured. Check your policy for the definitions or call your agent.


Yes, the policy owner can change the beneficiary. Sometimes, the person insured and the policy owner are not the same person, if someone else pays the premium for the insurance policy. For example, a parent or guardian taking an insurance policy on spouse or children. Some insurance policies are assigned to cover bank loans, and even if the insured may pay the premium, the bank can be assigned as the owner of the policy; in that case the bank decides who the beneficiary is going to be (usually in this scenario, the bank will also be the beneficiary).


If you are the insured you can change the beneficiary at any time as long as it is not an irrivocable beneficiary and there is insurable interest


Assuming you are talking about Life Insurance the answer is no. Once the insured is deceased, this will trigger the insurance company to pay the benefits to the beneficiary, and the policy will no longer exist. The owner no longer owns anything.


No. The contingency that triggers payment of a life insurance is the death of the named insured. That person could have changed the beneficiary designation prior to his/her death. Even if the policy had given the power to change the beneficiary to another person, the change would have had to be exercised before the named insured dies.


The owner of the policy can change the beneficiary of the policy. If the original beneficiary has died before the insured, the owner of the policy can designate a new beneficiary at any time.


The question does not really involve "should". The direct answer is "no". Using life insurance as an example, the owner of the policy is often the person who pays the premium. The insurance contract gives the owner various rights, such as to initially designate the beneficiary, change the beneficiary, pledge the policy as security for a loan, and other acts. The insured is the person whose life is, well, insured. Stated otherwise, this means that when the insured dies, the insurance company generally pays the death benefit to the beneficiary.


A judge, if there is a good enough reason presented to the court.


Life insurance proceeds are payable according to the beneficiary designation made by the insured and that is a part of the insurance policy. As such, the beneficiary can be any person or entity that had an insurable interest in the life of the insured at the time of the policy's inception. Concievably, that can be one or more of the siblings of the person insured. However, the insured is free to change the beneficiary(ies) at any time prior to death. If the insured designates his/her estate as the beneficiary of the policy, upon death, the proceeds are paid to the estate and distributed per the terms of the deceased's Will. If there is no Will, the proceeds, along with other assets of the estate, are distributed according to the laws of intestate successation of the state in which the insured died.


It depends, sometimes through a divorce the courts force him to have a life insurance policy when there are children involved. Besides that, any insured can change their beneficiary as long as there is an insurable interest.


The beneficiary is the person to receive the coverage amount when the person covered by the policy dies. In the first instance, the beneficiary is named by the applicant when application for the insurance policy is made. Unless the beneficiary designation is made irrevocable, the insured is free to change the beneficiary at any time until his/her death. Unless some provision of law or contract renders the designation of beneficiary irrevocable, the beneficiary does not have a right to remain as beneficiary and ordinarily cannot contest a subsequent change.


You can try but if it was the insured wishes that the beneficiary be changed, then there may be nothing you can do. That said, suicide may suggest mental instability, and in turn, that can impact the legal capacity of the insured to have rationally considered the implications of the change in beneficiary. For example, if the insured was mentally unstable, he/she may have been more susceptible to the influence of another (presumably, the new beneficiary). Those circumstances could lay the basis for an argument that the new beneficiary employed "undue influence" to get the insured to change the beneficiary designation. On the other hand, the change in beneficiary implies that the decedent wanted to settle his/her affairs before their impending death and had the presence of mind to make a beneficiary change. Not all suicides result from mental instability. A person has the right to choose their beneficiary. It would take a court trial to prove "undue influence" and those types of actions can be extremely costly.


Only the owner of the policy can change the beneficiary of a life insurance policy or make any other changes to the policy. Most of the time the owner and person insured is the same person but not always. The owner is usually the one who paid the premiums. If you are the owner, changing the beneficiary is a simple completion of a change form. Most insurance companies have a change form that has places for several different types of changes on one sheet of paper. After the change in beneficiary is processed the company will send you a certified copy to place in your policy.


As long as you did not make your beneficiary irrevocable, you can just change your beneficiary. If your beneficiary is irrevocable you are out of luck unless you can get them to authorize the change.


The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.


A will does not normally change a life insurance policy. The policy is a contract between the insured to pay a beneficiary. If the policy leaves the money to the estate, the will then controls the dispensation.


The only person who can materially change an insurance policy (including beneficiary changes) is the OWNER of the policy, who may or may not be the INSURED. The company does not have right to make a beneficiary change under federal law. In any case, beneficiary disputes are not uncommon. Finding the original policy will not solve this sort of dispute, since the beneficiary designation may have been changed after issue and will not be evident on the original. The insurance company may have acted upon a legitimate request to change the beneficiary, and if so they will (must) have a copy of that change form, signed by the owner's. (A copy of that change was probably sent to the policy owner at the time of the change, but it may have been lost).


I don't really understand the question. I assume you mean can you take out a life insurance policy on your husband? The person who is being insured must answer the underwriting questions on the application in person and must sign the application and be witnessed by a third unrelated person. Normally the agent is the witness. An important fact is the owner of the policy. The owner is the person who has complete control of the policy after it is issued. Only the owner can change the address, change the beneficiary, etc. Most of the time the owner is the insured but not always. The beneficiary must have an "insurable interest" at the time the policy is taken out. For instance if a husband is insured and the owner of a life insurance policy. He can make his wife the beneficiary but if they divorce he and only he can change the beneficiary and no notice has to be sent to the former beneficiary.


No only the owner of the policy can change the beneficiary.


I assume the policy holder is the insured? Has the insured died? If not, It is time to change beneficiaries. Seek out the help of your agent to make sure you choose a properly named beneficiary. If the insured has died, there would have been a contingent beneficiary. All you need to do is contact the claims department of the insureds insurance company. If you are not the policy owner or the beneficiary, you are going to be limited in what info you can obtain but you can initiate the claim. 4lifeguild



Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.


Yes. The policy is controlled by the "owner"of the policy. If the insured person is the owner, then the beneficiary should be written as "irrevocable." An "irrevocable" beneficiary can only be changed with the consent of that beneficiary, regardless of who the policy "owner" is. Hope this helps.



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