is it legal for the owner of a life insurance policy to change the beneficiary after the insured person dies?
Welcome! Thank you for your question.No, the actual contract of the policy states that the insurance death benefit pays to the named beneficiary upon the death of the insured. By the terms of a life insurance policy the named beneficiary becomes entitled to the proceeds once the insured dies.
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If this was done would the insurance company who allowed it be held responsible as well as the owner of the policy?
Yes, the insurance company would be liable to the actual named beneficiary upon the death of the insured. It would actually be the insurance company liable, not the owner. it is up to the insurance company to properly enforce the terms of the contract. The insurance company would owe the death benefit to the named beneficiary at the death of the insured.
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