What does the Change Of Beneficiary Provision allow the policyowner to do?

The Change Of Beneficiary Provision allows the policyowner to change the designated beneficiary of the insurance policy at any time, provided that the beneficiary designation is not irrevocable. This flexibility means that if the policyowner experiences a significant life event—such as marriage, divorce, or the birth of a child—he or she has the ability to update who will receive the policy benefits upon the insured's death.

An irrevocable beneficiary designation, however, means that the policyowner cannot change the beneficiary without that person's consent. This is important for policyowners to understand as it gives them the power to adapt their policy to better fit their current circumstances and intentions for their beneficiaries.