Can the beneficiary clause of a life insurance contract be changed?

The beneficiary clause is the clause in the life insurance contract that allows you to designate the person(s) who will receive the principal or annuity after your death.

This clause appears on your membership form in the initial contract (or on a endorsement in case of modification made after the signature of the contract).

Until the date of your death, you can change the beneficiary clause your life insurance policy, except if the person you originally designated has accepted his or her designation as a beneficiary under the conditions set out by law.

Accepted beneficiary clause

Once the person you designate has accepted the beneficiary clause for their benefit, this clause becomes irrevocable. You can no longer change the name of the beneficiary of this contract. And you can no longer perform transactions that violate the contract (make repurchases or obtain advances) without its consent. In this case, we are talking about accepting beneficiary.

If you want to block your contract for the benefit of a beneficiary, the law provides 2 procedures for accepting the beneficiary clause, with the agreement of the subscriber :

• Signature of an addendum to the contract by you, the accepting beneficiary and the insurer
• Signature of a written document between you and the accepting beneficiary, followed by notification to the insurer.

Modifiable beneficiary clause

As long as the person you have designated as beneficiary has not accepted his designation, you can freely modify the beneficiary clause at any time and as many times as you like. The insurer cannot oppose your request for modification.

Only the unquestionable will of the subscriber is required for the designation of the new beneficiary to be valid.

You can change the beneficiary clause of your contract, including:

• By a endorsement
• By a will.

To establish an amendment to your life insurance policy, contact (by phone or email or via your customer area) the bank or insurance company that manages your policy.

You can send him a letter, dated and signed, containing the references of your contract, the complete identity and address of your new beneficiaries and the distribution of the capital that will have to be made between them. Once the change is made, keep a acknowledgement of receipt from the insurer or a copy of your endorsement containing the new beneficiary clause.

If you are writing a will, remember the references of your contract, write that you revoke the previous beneficiary clause and designate your new beneficiaries (surname, first name(s), full address, date and place of birth) by fixing the distribution of capital between them.

The contents of your will will not be revealed until after your death, so the identity of your beneficiaries remains secret. However, it is strongly recommended thatinform the insurer of the existence of the will that changes your contract. This will prevent the insurer from mistakenly paying the principal to the original beneficiary of the policy.

The insurer is obliged to send you annual information on the financial situation of the life insurance contract. But it is up to you to check that the beneficiary clause always corresponds to your wishes.

Think about refresh your beneficiary clause if your family situation changes or if one of your beneficiaries dies before you.