Quora Answer: Can Power of Attorney Change a Life Insurance Policy?

The following is my answer to a Quora question: “Can power of attorney change a life insurance policy?”

The power of attorney may not change the life insured in the insurance policy since the policy was underwritten based on the specific conditions of that person when incepted.  A power of attorney could, however, conceivably change the nomination of beneficiaries, but the insurer has to accept it.

Other aspects of the policy contract that a power of attorney may possibly vary include the terms of payout, the retention or non-retention of coupons, and loans against the policy.  All of these, however, have to pass stringent KYC.