Who has the right to change a revocable beneficiary?

The policyowner has the right to change a revocable beneficiary. This means that as long as the beneficiary designation is revocable, the policyowner can alter it at any time without needing consent from the beneficiary. This flexibility is one of the key characteristics of a revocable beneficiary designation, allowing the policyowner to respond to changes in personal circumstances, such as marriage, divorce, or changes in relationships.

In contrast, a revocable beneficiary can only receive benefits when the insured passes away, and they do not have any rights to the policy or its changes. The insurance company does not have the authority to change the beneficiary designation without the policyowner's instructions. Similarly, the primary and contingent beneficiaries cannot unilaterally change the beneficiary designation, as they hold no rights in that regard until the policyowner decides to provide for them through an irrevocable designation or remains as the named beneficiaries.