By: Peggy Mace

Peggy Mace — Wed, 28 Aug 2013 12:55:15 +0000

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.

New answer on: What Is Irrevocable Beneficiary Life Insurance?

By: Peggy Mace