A beneficiary change can occur: normally at any time during the policy term

• A. Only at policy renewal
• B. Only after a claim is filed
• C. Never during the policy term
• D. Normally at any time during the policy term

Answer: (D)

The key idea here is that the policy owner generally has the right to change who will receive the death benefit, as long as the policy is still in force. You can designate or update beneficiaries to reflect changes in family or finances, and this can typically be done at any time during the policy term by submitting the appropriate beneficiary-change form to the insurer. The main caveat is if a beneficiary is designated as irrevocable; in that case, the owner can’t change without the irrevocable beneficiary’s consent. Also, once a claim has been filed and the death benefit is paid, you can’t retroactively change who received that payment. So, changes are normally possible at any time during the policy term, subject to an irrevocable designation and the status of any submitted claims.