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

The authority to change a revocable beneficiary in a life insurance policy lies with the policy owner. In life insurance, a revocable beneficiary means that the policy owner retains the right to change the beneficiary at any time without needing the beneficiary's consent. This flexibility allows the policy owner to adjust their designated beneficiaries based on their personal circumstances, such as changes in relationships or financial situations. Therefore, since the policy owner holds this control, they are the only party authorized to make that change directly.

The insurer's role is to administer the policy according to the terms established by the policy owner but does not involve making changes to the beneficiary designations. The beneficiary themselves does not have any power to initiate changes; their role is simply to receive the benefits upon the policy owner’s death. A trustee, if involved, typically manages the benefits but does not hold the authority to change beneficiary designations in a standard life insurance policy setting.