Philamlife v. Pineda - Life Insurance

175 SCRA 416


>  On Jan. 15 1963, Dimayuga processed an ordinary life insurance policy from Philamlife and designated his wife and children as irrevocable beneficiaries.

>  On Feb. 22, 1980, Dimayuga filed a petition in court to amend the designation of the beneficiaries in his policy from irrevocable to revocable.

>  Lower Court granted the petition.


Whether or not the court erred in granting Dimayuga’s petition.



Under the Insurance Act, the beneficiary designated in a life insurance contract cannot be changed without the consent of the beneficiary because he has a vested interest in the policy.  The policy contract states that the designation of the beneficiaries is irrevocable.  Therefore, based on the said provision of the contract, not to mention the law then applicable, it is only with the consent of all the beneficiaries that any change or amendment in the poicy may be legally and validly effected.  The contract between the parties is the law binding on them.  (This case rule is no longer controlling under the Insurance Code.)