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The owner is the person who has control of the policy during the insured's lifetime. They have the power, if they want, to surrender the policy, to sell the policy, to gift the policy, to change the policy death benefit beneficiary.

Who can change the beneficiary on a life insurance policy? The only person who can change the beneficiary is the policyholder. The policyholder is the person who has their name on the life insurance plan. There should only be one policyholder per plan.

A revocable beneficiary can be changed without his or her consent, while an irrevocable beneficiary can only be changed with his or her written consent. Decide which one is best for you when deciding a beneficiary.

The beneficiary designation forms allow you to name primary and secondary beneficiaries. Your “primary beneficiaries” are the first people or entities that you want to receive your benefit after you die.

The Will will also name beneficiaries who are to receive assets. An executor can override the wishes of these beneficiaries due to their legal duty. However, the beneficiary of a Will is very different than an individual named in a beneficiary designation of an asset held by a financial company.

The beneficiary can be either revocable or irrevocable. A revocable beneficiary can be changed at any time. Once named, an irrevocable beneficiary cannot be changed without his or her consent.

Generally, you can review and update your beneficiary designations by contacting the company or organization that provides your insurance or retirement plan. You can sometimes do this online. Otherwise, you'll have to complete, sign, and mail a paper form.

The policy owner is the only person who can change the beneficiary designation in most cases. If you have an irrevocable beneficiary or live in a community property state you need approval to make policy changes. A power of attorney can give someone else the ability to change your beneficiaries.