Irrevocable Beneficiary

Obtain the written consent of the current beneficiary — An irrevocable beneficiary has a vested interest in the policy that cannot be defeated unilaterally. To change an irrevocable beneficiary, the policyowner must obtain that beneficiary's written consent, because the beneficiary's rights are protected by the designation. The requirement prevents the owner from stripping the beneficiary of expected proceeds without agreement. Consent is also generally needed for actions that would diminish the beneficiary's interest, such as taking loans against or surrendering the cash value, because those actions reduce what the beneficiary stands to receive.

National insurance concept

An irrevocable beneficiary's consent is required before the policyowner can change the designation — With a revocable beneficiary, the policyowner may change the designation at any time without the beneficiary's consent. With an irrevocable beneficiary, the designation cannot be changed without that beneficiary's written consent because the irrevocable beneficiary holds a vested contractual interest in the policy. This distinction matters in estate planning and divorce settlements, where irrevocable designations are used to guarantee a benefit to a specific person.

National insurance concept