Under what circumstance can a policy owner change the beneficiary?

The ability for a policy owner to change the beneficiary primarily hinges on whether the beneficiary designation is revocable or irrevocable. When a beneficiary is designated as revocable, the policy owner retains the right to change that designation at any time, without needing the consent of the beneficiary. This flexibility is a core feature of many insurance policies and allows policy owners to adjust their benefits according to changing personal circumstances or wishes.

If the beneficiary is irrevocable, however, the policy owner cannot change the beneficiary without the written consent of that beneficiary. This irrevocable status provides assurance to the beneficiary that they will receive the benefit and cannot be altered without their agreement. Understanding these distinctions is crucial for policy owners to effectively manage their life insurance policies in line with their intended financial planning goals.