Life Insurance

Can you change a life insurance policy?


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2011-06-01 17:20:58
2011-06-01 17:20:58

If you are not working with an agent for the company that issued the policy, you need to locate one. An agent can effectively explain what your options are.

What you can change about the policy, and if any changes are possible depends on what you want to change, and who you are in relation to the policy. The owner may be able to change the beneficiary. The owner may be able to change the type of policy (typically called a "conversion" if the policy permits it). The contract may allow other changes. But it's a complex legal document. Find an agent to explain what you've got and what options are available.


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Can a power of attorney change a person beneficary on their life insurance policy?

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

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Contact the insurance company and request a change of beneficiary form. They will mail the form to the policy owner. You fill it out and mail it back to the insurance company so they can update your life insurance policy.

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Yes. A signature is required to make any changes in a life insurance policy.

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Change of ownership is not allowed in life insurance policy. Once the policy holder dies, accrued sum is payable to the nominee and the matter ends there. In that case, you are to take policy afresh.

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