Legal Question in Family Law in Alabama

When you say "my" policy, I assume you own the policy. The short answer here, and it is impossible to give a detailed answer without reading the terms of the policy, is that you cannot change the amount of benefit an irrevocable beneficiary receives under the terms of the policy without that person's consent. THe question then would be, does listing your new wife or others as beneficiary change the amount that the children from a previous marriage would receive? If no change, you can probably add the wife and other child. If doing so would change the benefit received by the children from a previous marriage you probably can't. You need to review the policy with the agent or your investment advisor. If those people can't help, take the policy to an attorney who can help you intrepret its terms.