Whether you can change your life insurance beneficiary depends on certain clauses within your contract. Generally speaking, there are two types of beneficiaries you can add to your policy: irrevocable and revocable.
If someone has been named as irrevocable that means that they cannot be removed as a beneficiary, as they have been locked in as per your express will. The only time this changes is if the beneficiary in question puts in writing that they agree to be removed from your policy.
People make beneficiaries irrevocable to ensure they will be protected from changing circumstances and that they will always be taken care of. Naturally, this also means that you need to be careful when offering someone this status on your policy.
If your beneficiary is revocable on the other hand, then they can be removed or changed without too much fuss. To remove or change them, you will be sent a change of beneficiary form to fill out and send back to them. Sometimes this will be possible via an app or online.
As well as changing the beneficiary on your life insurance policy, most providers are happy to discuss other alterations. Just as it’s important to ensure that those who benefit are in line with your wishes, making updates to reflect your changing circumstances is vital for ensuring you have the appropriate amount of coverage.