Your question does not give a clear idea of the situation. If you are the designated beneficiary of a life insurance policy on someone else's life (no matter who issued it), then you will receive the proceeds at that person's death no matter what that person's Will says. Beneficiary designations will control assets subject to them. The one exception is that, if the person's "estate" is actually the beneficiary (through either a deliberate designation or a default designation set out in the policy itself), then the proceeds would end up controlled by the Will after they are paid to the estate.
Your question, however, states that this life insurance policy is through your employer. If it is through your employer, and if it is on your own life, and you are the beneficiary, then your estate may end up with the proceeds at your death. If the policy is issued by your employer on the life of your child or spouse, however, and you are sure you are the designated beneficiary, then you should receive the proceeds at that person's death if you survive him or her.
If you are asking whether you could change a beneficiary designation which names you by designating someone else to receive the proceeds of the policy in your own Will, the answer is no. A beneficiary designation must be changed through the process set out by the insurance company. This usually means change of beneficiary forms must be executed by the owner of the policy during the lifetime of the insured and submitted to the company.
Answered on Nov 15th, 2012 at 8:07 AM