How can I change the beneficiary of a life insurance policy?
It might be helpful to let other family members know who has power of attorney. If you are the power of attorney for another person, you will need to write a letter to the insurance company who wrote the policy. Explain to them that you are the power of attorney and that you need to make a change in beneficiary.
Can a power of attorney change a beneficiary?
If you want your power of attorney to have the power to change the beneficiary on your life insurance policies, it is a good idea to specifically state this in the official document. This would avoid any questions at the time changes are needed. It might be helpful to let other family members know who has power of attorney.
What happens to your power of attorney when you die?
When you die, the person you name as your power of attorney loses all rights and therefore is unable to make decisions about who receives your life insurance proceeds or other assets.
Why do you need a power of attorney for life insurance?
It pays to know what steps are necessary to ensure that your family gets your life insurance proceeds. A power of attorney gives another individual the legal right to make financial decisions on your behalf should you become physically or mentally unable to do so for yourself.
It might be helpful to let other family members know who has power of attorney. If you are the power of attorney for another person, you will need to write a letter to the insurance company who wrote the policy. Explain to them that you are the power of attorney and that you need to make a change in beneficiary.
If you want your power of attorney to have the power to change the beneficiary on your life insurance policies, it is a good idea to specifically state this in the official document. This would avoid any questions at the time changes are needed. It might be helpful to let other family members know who has power of attorney.
Can a beneficiary of a life insurance policy be challenged?
Yes, but if that change was not authorized by the insured or was clearly self-serving, that can be challenged. For example, in one of our recent cases, the insured was bedridden. Her daughter gave herself power of attorney and changed the life insurance beneficiary from our client to herself.
When you die, the person you name as your power of attorney loses all rights and therefore is unable to make decisions about who receives your life insurance proceeds or other assets.