Louisiana Series 103 Insurance Exam 2026 – Complete Practice Test for Life, Health, and Accident

Beneficiary designations on a life insurance policy are generally revocable by the policyowner. You can change who will receive the proceeds at any time during the policy term by submitting the appropriate beneficiary change form to the insurer. The change usually takes effect once the insurer updates its records. The only common exception is if the beneficiary is irrevocable; in that case, the owner must obtain the consent of the irrevocable beneficiary to make a change. So, changes can occur at any time, not just at renewal or upon death, and not never.