An individual has an insurable interest in the individual’s own life, and an individual of competent legal capacity who procures or effects a policy on the individual’s own life may designate any person as the beneficiary and, unless the individual elects an irrevocable beneficiary designation, change the beneficiary at any time thereafter.
C.R.S. § 10-7-705
Insured’s own life
Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.