What does the change of beneficiary provision in individual health insurance policies allow?

The change of beneficiary provision in individual health insurance policies allows the policy owner to alter the designated beneficiary without needing consent from the existing beneficiary. This provision grants flexibility to the policyholder, enabling them to make changes in response to personal circumstances, such as marriage, divorce, or changes in financial needs. It ensures that the policyholder has control over who will receive the benefits of the policy when a claim is made.

This freedom to make changes is crucial in individual health insurance policies, as it accommodates the evolving life situations of the policyholder without unnecessary legal hurdles or delays.