Reader’s Question:

Hi! Can I change the person who is my beneficiary even after I have made several payments on my premium? I just got a universal life insurance policy here in Indianapolis, Indiana IN and have just made my second premium payment.

Gabriel

Indianapolis, IN

Hi there Gabirel!

If you happen to be the owner of the policy or the policy holder, then you can change your beneficiary. However, this is only if it isn’t stated in the policy agreement that “Beneficiary is Irrevocable”. You see, there are life insurance policies in Indianapolis Indiana IN that are quite strict and do not allow changes in beneficiary as when the insurance is already enforced.

If you really need to change it, then the beneficiary designated has to be involved with the changes of the policy. Life insurance policies in Indianapolis Indiana IN can vary from company to company, so the best thing that you can really do is to consult with your provider in Indianapolis regarding this matter. You should remember that the life insurance policy is for your beneficiary in case you die. This type of insurance policy is actually a very serious one and is designed for you to get when you already have very specific dependents in mind. This is why it requires the consent of the beneficiary, or legal intervention if the beneficiary is still a minor.

I strongly suggest you gather free quotes online using this website or any similar site and compare to what you are paying for you to assess your current universal life insurance policy in Indianapolis Indiana IN.