At Commerce Insurance Agency in Commerce, GA, we know that circumstances can change over time, and so can the person or entity you want to name as the beneficiary on your life insurance policy. For many folks, the first person they list as their beneficiary on a life insurance policy can seem like the only one they’d ever want to list. As life happens and relationships reconfigure, knowing whether you can switch the beneficiary on your life insurance or add a new one can empower you to make informed decisions about who will receive your death benefit when the time comes. Even if you never anticipate changing the beneficiary on your life insurance policy, it can still be helpful to know whether that’s a possibility in general so you’ll have an idea of what you can do with this information if you find yourself in a position that encourages you to make the change to your beneficiary.

Can You Change the Beneficiary on a Life Insurance Policy?

While we won’t be able to speak specifically to whether your life insurance policy allows for changing beneficiaries, many life insurance policies allow policyholders to change the beneficiary as long as they follow the appropriate procedures for making this adjustment. Before passing away, the policyholder should complete the appropriate forms and provide the appropriate verification that they are the person who holds the life insurance policy. After someone passes away, changing the life insurance policy’s beneficiary can be trickier. This may require legal proceedings and other hurdles, so it’s not an easy process. Choosing a life insurance beneficiary requires careful consideration and an understanding that it’s hard to change after death.

For more information, call our office at Commerce Insurance Agency in Commerce, GA!