What actions does a guardian have the authority to take for insurance purposes? The guardian of an insured or beneficiary has the authority to take the following actions:
(a) Apply for insurance or for conversion of a policy or change of plan;
(c) Withdraw dividends held on deposit or credit;
(d) Select or change a dividend option;
(e) Obtain a policy loan;
(f) Cash surrender a policy;
(g) Authorize a deduction from benefits or allotment from military retired pay to pay premiums;
(h) Apply for and receive payment of proceeds on a matured policy;
(i) Select or change the premium payment option;
(j) Apply for waiver of premiums and total disability income benefits;
(k) Select or change settlement options for beneficiaries; and