When can a policy owner change a revocable beneficiary?

A policy owner can change a revocable beneficiary at any time because the term "revocable" indicates that the policy owner retains control over the beneficiary designation. This means the policy owner can alter who will receive the policy's death benefit upon their passing without needing the consent of the beneficiary. This flexibility allows the policy owner to adapt to changes in personal circumstances, such as marriage, divorce, or other life events that may affect their choice of beneficiary.

In contrast, if the beneficiary were designated as "irrevocable," the policy owner would need to obtain consent from that beneficiary to make any changes, thus limiting the ability to modify the designation. Consequently, the ability to change a revocable beneficiary at any time provides a significant advantage for policy owners who wish to manage their insurance policy according to their current wishes or circumstances.