When can a policyowner change a revocable beneficiary?

A policyowner can change a revocable beneficiary anytime they choose because revocable beneficiaries are designed to provide the policyowner with flexibility. This means that as long as the policy is active and the policyowner is not limited by any specific contractual terms, they have the authority to modify the beneficiary designation as their circumstances or intentions change.

The ability to change the beneficiary without needing consent from the beneficiary is a key characteristic of revocable designations. This allows policyowners to adapt their insurance coverage to accommodate changes in personal relationships, financial situations, or other relevant factors that might influence their choice of beneficiary.

This contrasts with irrevocable beneficiaries, where consent from the beneficiary is necessary for any changes to be made. In those cases, the policyowner has permanently entrusted the benefits to the designated beneficiary, preventing any unilateral alterations.