How do I change or update the beneficiary on my life insurance in Ontario?

You change a life insurance beneficiary through the insurer, using the policy's own process, and the rules depend on whether the existing designation is revocable. Ask the insurer for its current form and check that it has recorded the change. If the insurer is unclear about who is currently named, a written confirmation of the designation on file is a sensible thing to request.

An insured may name themselves, their personal representative or a beneficiary to receive the money, either in the contract or by a declaration. A designation of 'heirs' or 'estate' is treated as naming the insured's personal representative. An irrevocable designation must be made in the contract, or by a declaration filed with the insurer during the insured's lifetime, and it cannot be changed without that beneficiary's consent.

A will is a risky place to do this. A purported irrevocable designation in a will takes effect only as a revocable one. Whether a will can replace an earlier designation on your particular policy is worth confirming with the insurer or a lawyer before you rely on it. Keeping the designation and your will consistent avoids disputes later.