Reader’s Question:

Can I change beneficiaries after my first premium payment in my life insurance?

Dexter

Hartford, CT

Hello Dexter

If you are the policy holder or owner of the life insurance, you can change beneficiary only if it is not stipulated in the policy that “Beneficiary is Irrevocable”. There are life insurance policies particularly those belonging in the permanent life insurance that does not allow changes in the beneficiary as soon as the life insurance is enforce. If you need to change it, the designated beneficiary has to be involved in the changes in the policy. Although by nature a beneficiary is not a party to the life insurance, he may have a say on the changes of the policy under irrevocable beneficiary condition.

There are different life insurance policies from various companies so the best thing to do is to confirm from the policy itself. If the policy states that beneficiary is irrevocable, you need to be sure of your beneficiaries before submitting the final application. Remember that life insurance is about your beneficiary’s benefit when you die. The reason why some beneficiaries cannot be changed is because you are actually buying the life insurance with the specific dependent in mind. Changing it may require the main beneficiary’s consent. If the main beneficiary is still a minor, it may need legal intervention.

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