In most cases, no. The policy owner is entitled to make all decisions regarding the changes in their policy. Generally, the beneficiary cannot ask for a policy loan without the policy owner's permission. There are only two cases where the beneficiary can do this: - The beneficiary is also the policy owner. For example, a wife purchases life insurance with her husband being the insured and she being the beneficiary. In this case, the wife is both the policy owner and the beneficiary. - The policy owner entrusts someone to make financial decisions on their behalf. In this case, the trustee can change the life insurance policy.