Final answer:
The policyowner can change the beneficiary of a life insurance policy at any time unless the beneficiary is designated as irrevocable. If the beneficiary is irrevocable, consent is needed from the beneficiary to make any changes. Parents can consent on behalf of minor children.
Step-by-step explanation:
The Change of Beneficiary provision allows the policyowner to change the beneficiary on a life insurance policy. Generally, the policyowner has the right to change the beneficiary at any time, unless the policy has an irrevocable beneficiary designation. In cases where the beneficiary is irrevocable, the policyowner must obtain consent from the beneficiary before making a change. In the case of minor beneficiaries, parents can provide consent on their behalf because children are not legally competent to provide consent for themselves. This is evident in the historical case involving Sharon Kowalski and Karen Thompson, where the lack of legal acknowledgment and guardianship rights for non-married partners led to a prolonged legal struggle for guardianship and beneficiary rights.