Who has the right to change the beneficiary on a life policy?

The policyholder, or the person who owns the life insurance policy, has the right to change the beneficiary. This can typically be done by submitting a written request to the insurance company, depending on the policy's terms. If the policyholder has designated an irrevocable beneficiary, however, they may need that beneficiary’s consent to make any changes. It's essential for policyholders to understand their policy's specific provisions regarding beneficiaries.