Choice of Beneficiary Is Contractual
As you have read previously, there are several ways to direct funds to a beneficiary: will, trust, joint property, and pay-on-death accounts. When you designate a beneficiary of your life insurance policy, you have entered into a contract with the life insurance company. In return for your premium payments, the life insurance company promises to pay the proceeds of the policy to the person or entity you designate.
The only way to change the beneficiaries of your life insurance policy is to complete a new designation form with the company. You can make changes at any time by requesting and completing a new designation form.