What must a policyholder do to change the beneficiary of their life insurance policy?

To change the beneficiary of a life insurance policy, the policyholder must submit a change request to the insurance company. This process typically involves filling out a specific form provided by the insurer, which formally documents the desire to make the change. The insurance company needs to process this request to ensure that the new beneficiary is officially recognized in the policy records.

This procedure is critical because it provides legal clarity and ensures that the correct individual or entity will receive the policy benefits upon the policyholder's death. The need for formal submission prevents misunderstandings and helps maintain accurate records of the policy's beneficiaries, which is crucial for the timely distribution of benefits.

Other options do not reflect the necessary steps for this process. For instance, while contacting the current beneficiary might be considerate, it is not a requirement for changing the designated beneficiary in the policy. Waiting until the policy expires is not relevant nor practical, as beneficiaries can be changed at any time, as long as the policy is active. Filing a lawsuit against the insurance provider is inappropriate and unnecessary for changing a beneficiary and typically only occurs in cases of disputes or grievances related to policy terms or claims.