If a life insurance policy has an irrevocable beneficiary designation, what does this mean?

An irrevocable beneficiary designation means that the policyholder cannot change the beneficiary of the life insurance policy without obtaining written permission from the irrevocable beneficiary. This type of designation provides the beneficiary with a guaranteed interest in the policy, meaning their rights to the death benefit must be respected and cannot be altered without their consent. It is a protection for the beneficiary, ensuring that they are designated to receive the policy proceeds upon the insured's death, and reflects the policyholder's commitment to that beneficiary.

In contrast, a revocable beneficiary designation allows the policy owner to change the beneficiary at any time without needing consent, which does not apply in the case of an irrevocable designation. The distinctions among different beneficiary designations are crucial for policyholders to understand, as they directly affect rights and permissions related to the life insurance policy.