Who has the right to change a revocable beneficiary in a life insurance policy?

The policyowner has the right to change a revocable beneficiary in a life insurance policy because they retain full control over the policy's terms and conditions. A revocable beneficiary designation allows the policyowner to alter who will receive the death benefit at any time without the need for the beneficiary's consent. This means that as long as the beneficiary is designated as revocable, the policyowner can make changes to the beneficiary designation, ensuring they have the flexibility to adjust the policy as their personal circumstances or intentions change.

In contrast, if a beneficiary were irrevocable, the policyowner would need to obtain the beneficiary’s consent to make any changes. The insurer and underwriter play roles in the administration of the policy, but they do not have the authority to change beneficiary designations as that right belongs solely to the policyowner.