A life insurance company may provide that the amount to become due under a policy shall be paid in installments to a beneficiary therein named. If such beneficiary shall die before all said installments are paid, said policy may provide to whom the remaining ones shall be paid. Any person holding a policy in any such company may, without the consent of the beneficiary, unless the appointment of such beneficiary be irrevocable, either sell and surrender the same to the company, or pledge or assign the same as security for a debt, which, if due the company, shall be secured by said policy, whether it is in the possession of the company or not; or, with the consent of the company, he may change his beneficiary unless the appointment of such beneficiary be irrevocable.