Beneficiary

In a life insurance policy, the beneficiary is the person who receives the amount payable, when the contract holder - life insured - dies. A beneficiary is named in the policy declaration.

If you wish to change the beneficiary, then the policy cannot be irrevocable. If it is an irrevocable beneficiary form, then the beneficiary has to agree in writing to enable the change to be made.

Discuss your options with your agent or broker. Remember, Turners Tips cautions you to take control of your insurance.