Who has the authority to amend, alter, or change a life insurance policy?

The authority to amend, alter, or change a life insurance policy typically resides with an authorized officer of the insurance company. This is because the insurance company holds the contractual obligation and has the legal authority to make any modifications to the policy documents. Such changes must be documented formally by the insurance company to ensure that the alterations are legally binding and enforceable.

The policy owner, while they have significant rights regarding the policy, generally cannot unilaterally change the terms of the policy without the insurance company’s involvement. Agents, although they can facilitate discussions or requests for changes, do not have the authority to alter the policy themselves—they act as the intermediary between the policy owner and the insurance company. The insured individual is also not in a position to make changes, as they may not have ownership rights over the policy and any amendments would need to be executed by the policy owner or the company. Thus, it is the authorized officer of the insurance company who is empowered to formally alter policy terms.