What should a policy owner do if they wish to make changes to their life insurance policy?

When a policy owner wishes to make changes to their life insurance policy, reviewing the policy with an agent is an essential step. The agent can provide expert advice on what amendments are possible and how they might affect the coverage, premiums, and other terms of the policy. This ensures that the policy owner makes informed decisions based on their current needs and financial situation. An agent can clarify the implications of any changes they are considering and help navigate the procedures involved in modifying the policy.

In contrast, notifying the beneficiary does not directly facilitate any changes to the policy itself; it focuses on the involvement of the beneficiary posthumously. Submitting a claim is an action taken when a covered issue has occurred (such as the policyholder’s death), which is not relevant to making changes to an existing policy. Cancelling the policy is a drastic measure that might not be necessary if the desired changes can be made through a consultation with an agent.