Definition - What does Irrevocable Beneficiary mean?
An irrevocable beneficiary is a beneficiary of a life insurance policy who will receive the benefits of the policy unless they consent not to. Irrevocable beneficiaries have a legal right to receive the benefits of the policy.
Insuranceopedia explains Irrevocable Beneficiary
Policyholders do not retain the right to remove an irrevocable beneficiary from their life insurance policy. People often name their children or spouses as irrevocable beneficiaries to ensure that they receive some financial protection.
This differs from a revocable beneficiary, which the policyholder has the right to remove from the policy.
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