The new insurance nomination law, effected from 1st Sep 09, allows policy holders to change their nominated beneficiaries anytime. Prior to this, policy holders who nominate their spouses and children as beneficiaries in life policies cannot change it without the consent of all parties.

The new law allows you to specify anyone as beneficiaries whose status is revocable by you anytime. However, given the small number of people this law is expected to affect and that it only applies in very specialized situations, is that really any significant benefit to the average life insurance policy holder?