What must a life insurance policyowner do to change the beneficiary of their policy?

To change the beneficiary of a life insurance policy, the policyowner typically needs to complete a beneficiary change form. This form is specifically designed for that purpose and provides the necessary information required by the insurer to officially record the change.

The importance of using this form lies in its ability to ensure clarity and confirmation of the policyowner's intentions regarding who will receive the death benefit upon their passing. By completing the designated form, the policyowner is also providing the insurer with the required documentation to update their records accordingly.

While other actions, such as notifying the insurer in writing, may also be part of the process, the standard practice is to use the official form to avoid any confusion or potential disputes about the change. Submitting a new application is not necessary, as it is primarily intended for obtaining new coverage rather than modifying existing policies. Additionally, paying a transfer fee is not a common requirement for changing beneficiaries, making the completion of the beneficiary change form the most straightforward and accepted method for this process.