What is the difference between “revocable beneficiary” and “irrevocable beneficiary”

[Deleted member 28873]

I just heard about this, i was a bit confused at first.An irrevocable beneficiary has certain guaranteed rights to assets held in the policy or fund. Unlike arrevocable beneficiary, where their right to assets can be denied or amended under certain circumstances. ... Even the insured cannot change the status of an irrevocable beneficiary once they are named.An irrevocable beneficiary cannot be change when done even if the insured feels that the beneficiary doesnt reserve deserve it.It requires great trust to place an irrevocable beneficiary on a person.

 

[Alexandoy]

I think the beneficiary of a life insurance should have a legal relation to the insured. For example you buy an insurance and your beneficiary is your best friend, the insurance company will not accept that. The beneficiary can be either your parents, siblings or even cousins who are close to you. The problem would arise when there is a claim filed for the coverage.

 

[Mandy96]

An irrevocable beneficiary is the one that gets to collect the achievements in a life insurance while the revocable beneficiary is obviously the opposite. You can easily differentiate between the two because it’s a two different cases. If you happen to fall in this place, you will have to consult the insurer before you could get the assets