Who has the authority to make changes to the policy once it is in effect?

The authority to make changes to a life insurance policy once it is in effect typically resides with the policyowner. The policyowner is the individual who holds the rights to the policy and is responsible for decisions related to it, including making changes such as updating beneficiaries, adjusting coverage amounts, or altering payment options.

While the insured may have an interest in the policy, and an agent can facilitate changes and provide recommendations, they do not possess the authority to make policy alterations directly. An executive officer of the insurer is involved in broader company management and decision-making but does not individually handle changes for specific policies. Thus, the correct understanding is that the policyowner maintains the control and authority to implement changes after the policy is issued.