Can You Change Life Insurance Beneficiaries or Do You Need to Get a New Life Insurance Policy?

At Michael Taylor Agency, serving the Columbia, SC area, one of the different types of insurance products we offer is life insurance. Life does not always remain the same, and as such, you may decide that you want to leave your life insurance policy to someone new. When this happens, you may wonder if you can change your life insurance beneficiaries or whether you need to get a new life insurance policy altogether. Read on to learn the answer to this question. 

Can You Change the Beneficiary Of Your Life Insurance Policy? 

As long as your life insurance policy has revocable beneficiaries, you can change the beneficiary on your life insurance policy. It is vital that you cannot modify a will to change the beneficiary of your life insurance policy. You have to change the beneficiary with the insurance company itself. If you do not own the life insurance policy, you will have to request that the person who owns the policy makes the request. 

How Do You Find Out If Beneficiaries Are Revocable? 

In most cases, life insurance beneficiaries are revocable. However, the beneficiary may not be revocable if the courts order you to obtain a policy and keep it in a spouse’s name. In most cases, the policy will specifically state whether the beneficiaries are revocable or not directly under the beneficiaries section. If you are unsure, an insurance agency can always read the policy and help you understand the terms of your specific policy. 

If you are looking to obtain a new life insurance policy or you are looking to change the beneficiary on an existing life insurance policy, Michael Taylor Agency, serving the greater Columbia, SC area, can help you. Call or email us to get started.