Beneficiary Designation

To change the beneficiary, assign the policy, and borrow against the cash value — The policyowner holds all the rights under a life insurance policy, including the right to name and change a revocable beneficiary, assign or transfer the policy, borrow against the cash value, surrender the policy, and select settlement options. When a beneficiary is irrevocable, the owner's right to change the designation is lost without the beneficiary's consent. The insured and the insurer have their own separate rights.

National insurance concept

Divided by family branch, so each branch shares equally and a deceased beneficiary's share passes to that branch's descendants. — Per stirpes means 'by branch.' The death benefit is divided at the first generation of named beneficiaries, and each branch receives an equal share. If a beneficiary in a branch has already died, that branch's share passes down to that beneficiary's own descendants. Per capita, by contrast, divides the proceeds equally among all living named individuals, and a deceased beneficiary's share simply stays in the pool for the others. The choice matters for estate distribution and must match the policyowner's intent.

National insurance concept