Who can change the beneficiary on a life insurance policy. In most cases the owner of the policy is is only one who can change the beneficiary on a policy.
In Canada, if the is an irrevocable beneficiary, then no change can be made without their permission. Other restrictions might apply if the policy has been assigned for collateral.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
President, Lane Independent Agency, Southern California
The owner of a life insurance policy can change the beneficiary. They have the control and ownership over the policy. The beneficiary does not. Thus is the beneficiary dies first, the owner can substitute a different beneficiary. A court should not be able to order this. However, in matters such as divorce, courts have been known to intervene, especially to protect children. Thank you. GARY LANE.
Only the owner can change the beneficiary on a life insurance policy. Even if someone is paying the policy premium, but does not own the life insurance policy, the owner could change the beneficiary to someone other than the payer, possibly without the payer's knowledge. Setting up policy ownership can be an important part of buying life insurance, and best done with professional advice.
.JPG){kind=avatar}
In Canada, if the is an irrevocable beneficiary, then no change can be made without their permission. Other restrictions might apply if the policy has been assigned for collateral.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.