Succession Beneficiary Clause

What Does Succession Beneficiary Clause Mean?

A succession beneficiary clause is a provision in a life insurance policy that outlines the process for revoking the current designated beneficiary and appointing a successor beneficiary.

Insuranceopedia Explains Succession Beneficiary Clause

To change the beneficiary designation, the insured typically needs to submit a written notice. Most insurers provide specific forms for this purpose. In some cases, the policy contract must also be returned for the change to take effect.