Who holds the absolute right to change beneficiaries in a policy with a revocable beneficiary?

In a life insurance policy that designates a revocable beneficiary, the absolute right to change the beneficiaries rests with the insured. This means that the insured has the authority to modify or revoke the beneficiary designation at any time without requiring consent from the current beneficiary. This flexibility is a significant characteristic of revocable beneficiary designations, allowing the insured to make changes based on their circumstances or preferences.

The insurance company does not have the right to change beneficiaries; instead, it merely administers the policy according to the instructions of the insured. The beneficiary themselves does not have any authority to change their designation; they can only accept the benefits as outlined in the policy. Similarly, the underwriter, who assesses the risk and determines the terms of the insurance policy, also does not have the authority to change beneficiaries. Only the insured has this right, affirming their control over the beneficiary designation in the case of revocable beneficiaries.