Irrevocable Beneficiary
A beneficiary designation that cannot be changed by the policyholder without the written consent of the beneficiary.
Detailed Explanation
This type of designation is often used in divorce settlements or when the policy is part of a trust.
Practical Example
John named his children as irrevocable beneficiaries of his life insurance policy as part of his divorce agreement, ensuring that they would receive the death benefit.
Frequently Asked Questions
Related Terms
Need Insurance Coverage?
Request quotes from top insurance providers and find the best coverage for your needs.
Get Free Quotes