irrevocable beneficiary

The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation.

With an irrevocable beneficiary, that beneficiary must agree to any beneficiary changes, policy assignments, or cash value borrowing.

If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary.

Irrevocable beneficiaries, with no restriction on their identities, and revokable beneficiaries, listing the spouse or the descendants of the policy owner, are eligible for this protection.