Irrevocable Beneficiary

What Does Irrevocable Beneficiary Mean?

An irrevocable beneficiary is a beneficiary of a life insurance policy who is guaranteed to receive the policy’s benefits unless they consent otherwise. Irrevocable beneficiaries hold a legal right to the policy’s benefits.

Insuranceopedia Explains Irrevocable Beneficiary

Policyholders do not have the right to remove an irrevocable beneficiary from their life insurance policy. People often designate their children or spouses as irrevocable beneficiaries to guarantee they receive financial protection.

This differs from a revocable beneficiary, whom the policyholder has the right to remove from the policy.