Look, I know we all understand the importance of having life insurance, right? However, some policyholders are a little bit confused about whether or not the beneficiary of a life insurance policy can be changed.
So, in most cases, changing a life insurance beneficiary is relatively straightforward. Typically you’ll just need to fill out a form or two from your carrier uh to name the new beneficiary.
Now, I will say in a few cases, however, changing the beneficiary of a life insurance policy will require the approval or permission of someone else.
So if you live in a community property state and bought the life insurance policy after getting married, you’ll need the permission of your spouse before changing the beneficiary.
Now, on a similar note, if your life insurance policy has an irrevocable beneficiary, then you will need approval from that beneficiary before changing the policy to make sure your life insurance policy is structured properly.
The best thing to do is to just sit down with your insurance agent and have them show you your options.
We’d be happy to review your insurance coverage options with you! Give us a call at (570) 823-7626 or visit https://etroyinsurance.com.