Who has the right to change a revocable beneficiary?

The policyowner has the right to change a revocable beneficiary because revocable beneficiaries are those designated by the policyowner who can be altered or removed by the policyowner at any time without the beneficiary's consent. This flexibility allows the policyowner to manage the beneficiary designations based on their current situation or intentions. The policyownership grants the individual full control over the policy, including decisions regarding who will receive death benefits upon the insured’s passing.

In contrast, beneficiaries, insurance agents, and the insurance company do not have the authority to make changes to the beneficiary designation. Beneficiaries simply receive the benefits stipulated by the policy and cannot modify the ownership terms. Insurance agents can assist in processing changes but do not hold the authority to enact such changes on their own. The insurance company administers the policies, but policy changes must originate from the policyowner to ensure the integrity of the contract and the owner's power over their policy.