Can a life insurance policyholder amend the beneficiary after issuance?

A life insurance policyholder generally has the authority to amend the beneficiary designation after the policy has been issued, provided that the designated beneficiary is not irrevocable. Most policies allow policyholders to change the beneficiary easily, which can be done by simply submitting the appropriate form to the insurance company. This flexibility is crucial because it allows individuals to adjust their policies in response to life changes such as marriage, divorce, or the birth of a child.

When a beneficiary is designated as irrevocable, it means that the policyholder cannot change the beneficiary designation without the consent of that beneficiary. This creates a situation where the beneficiary has a vested interest in the policy, and any change would require their agreement.

Thus, the option stating that the policyholder can change the beneficiary unless the beneficiary is irrevocable accurately reflects the rights of the policyholder under Virginia life insurance laws and insurance policies in general.