Yes, a life insurance policyholder can generally change beneficiaries, but legal restrictions may apply
A life insurance policyholder typically has the right to modify their beneficiary designations at any time, unless specific restrictions exist. However, during divorce proceedings or after separation, changing beneficiaries may have significant legal consequences.
- Court orders may prevent beneficiary changes during divorce
- Some provinces require spousal consent for beneficiary changes
- Separation agreements often include provisions about life insurance
- Existing divorce decrees may mandate maintaining ex-spouse as beneficiary
It’s essential to consult with a family law professional or financial advisor before making any changes to life insurance beneficiaries during or after marriage dissolution to avoid potential legal complications.