Revocable Beneficiary

Change the beneficiary at any time without the beneficiary's consent — Most life insurance beneficiaries are named revocably, which means the policyowner retains the right to change the beneficiary at any time while the policy is in force, without the beneficiary's consent or even knowledge. Revocable is the default status in most policies. Because the designation is revocable, the beneficiary holds no vested right in the proceeds until the insured dies. The change becomes effective when the insurer is properly notified and records it. An irrevocable designation, by contrast, requires the beneficiary's consent to any change because the beneficiary holds a vested right.

National insurance concept

A mere expectancy that becomes a vested right only at the insured's death — Because the owner may change a revocable beneficiary at any time, the beneficiary holds only an expectancy, not a vested right. The right to the proceeds becomes vested only when the insured dies while the designation is still in force. Until that moment, the beneficiary cannot assign the proceeds, prevent a change, or claim the cash value. This is the fundamental difference from an irrevocable beneficiary, who holds a vested interest from the date of designation and whose consent is required for any change. The revocable designation is the default and preserves the owner's flexibility.

National insurance concept