Change Beneficiaries

• The owner of a life insurance policy can add, remove or otherwise change the beneficiaries of the policy at any time. Changes can be made without the consent of, or notification to, the insured person. This right also includes adjusting the percentage of each beneficiary's allocated portion of the proceeds.
  
  

Death Benefit Changes

• Modifications to the policy's death benefit can be made by the owner. The most common change is a decrease in the death benefit, which requires no consent from, or notification to, the insured person. Change of the death benefit type, for owners of universal life insurance policies, can also be made that will either include or exclude in the proceeds any accumulated cash value when the insured person dies.
  
  

Change Mailing Address

• Delivery of policy correspondence, including notification/confirmation of contract changes, can be directed to any address chosen by the policy owner. The owner's rights include the ability to change the mailing address listed in the insurance company's records, or even to add an additional address that will receive duplicate pieces of related correspondence.
  
  

Withdraw Cash Value

• Accumulated cash value in a permanent life insurance policy is accessible by the policy owner. If the policy owner decides to withdraw the policy's cash value, this can be accomplished through a loan or formal withdrawal arrangement. Either way, the owner's rights include access to the policy's value without the need to notify anyone else, including the insured person.
  
  

Policy Surrender

• At any time, the owner of the life insurance policy may instruct the carrier to terminate the contract. No reason needs to be provided in order for the owner's request to be granted. Any remaining policy value, if the contract was a permanent product, will be distributed directly to the owner, leaving the insured person unaware that coverage no longer exists.