If your wife is the owner of the policy, it is her policy. She alone has the right and power to make any changes. In theory, she should be making the premium payments. She does have an insurable interest in your life, and she alone can make changes in the beneficiary.
The transfer of ownership of the policy could be subject to gift tax filing.
This is usually a portion of an estate plan. Before making this type of change, it should be reviewed with your estate planners (attorney/CPA/broker/agent).
The straightforward answer is that your wife ,as owner of the policy, has the right to change the beneficiary of the policy to any individual or trust. It is her choice, and there are no requirements to change the ownership to do so.
The only caveat is that the change of one aspect of an estate plan cannot be made in a vacuum. Any change should be reviewed with the full plan in mind.
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