What is an irrevocable beneficiary?

An irrevocable beneficiary, in the context of a life insurance policy, is a type of beneficiary designation that comes with certain legal and financial implications. When you designate a beneficiary as "irrevocable," it means that you cannot change or revoke that beneficiary's designation without their consent. In other words, you can't modify the beneficiary arrangement or take actions that affect the beneficiary's rights without their agreement. Designating an irrevocable beneficiary is somewhat uncommon because it limits the abilities of the policyholder to make certain changes to the policy.

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