What Is Irrevocable Beneficiary Life Insurance?

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    Peggy Mace
    Most of the U.S.
    Irrevocable beneficiary of life insurance means that the beneficiary of the policy cannot be changed without the beneficiary's consent. This differs from a revocable beneficiary, where the policy owner can change the beneficiary at any time. Irrevocable beneficiaries are sometimes used in policies where financial obligations are involved, such as using the life insurance to repay a loan, or to satisfy a divorce settlement.
    Answered on August 28, 2013
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