What is a revocable and irrevocable beneficiary?
When, the beneficiary designation is revocable, the owner of the policy can change the beneficiary at any time. When the beneficiary designation is irrevocable, the owner cannot change the beneficiary unless there is a written assent from the irrevocable beneficiary. Irrevocable beneficiary designations are sometimes used in business insurance, or other special insurance situations. The irrevocable designation is intended to assure that the policy proceeds go to the intended person for the designated purpose.
