8. What are the differences between a "revocable beneficiary" and an "irrevocable beneficiary"? Under what circumstances can I change an irrevocable beneficiary in my life insurance policy?
A beneficiary in a life insurance policy is the person(s) who will receive the money (death benefit) from the insurance company upon the death of the insured person. There is a "Beneficiary Designation" section in life insurance policies in which the policyholder names the party or parties as the beneficiary or beneficiaries who will receive the proceeds of the death benefit.
A revocable beneficiary designation gives the policyholder the right to change the beneficiary without the consent of the named beneficiary.
An irrevocable beneficiary designation does not give the above right. That is to say, the consent of the named beneficiary must be obtained before the policyholder can change the beneficiary.
According to the subject question, the policyholder can only change the beneficiary if the named irrevocable beneficiary shown on the policy consents to the proposed change.