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What is the difference between a revocable and an irrevocable beneficiary?

April 26, 2017Beneficiary irrevocable Revocable

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What is the difference between a revocable and an irrevocable beneficiary?

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If you re about to obtain Basic Life, Family Life, Accidental Death and Dismemberment, Term 100, and/or Dental Office Staff Insurance coverage through the Canadian Dentists Insurance Program, you will likely want to designate a beneficiary (or beneficiaries). Designating a beneficiary means that you name a party (or parties) who will receive the proceeds of your life insurance coverage.