What type of beneficiary can be changed at any time by the policyowner?

A revocable beneficiary is a type of beneficiary designation that allows the policyowner to change the beneficiary at any time without the consent of the current beneficiary. This flexibility is crucial for policyowners who may want to adjust their beneficiaries due to changes in personal circumstances, such as marriage, divorce, or the birth of a child. The policyowner maintains full control over the policy and can make modifications as needed, ensuring that the death benefit will be distributed according to their current wishes.

In contrast, an irrevocable beneficiary designation is one that cannot be changed without the consent of the beneficiary, which limits the policyowner's ability to make changes. Primary beneficiaries are those who are first in line to receive benefits upon the insured's death, and contingent beneficiaries only receive benefits if the primary beneficiaries are deceased. However, both primary and contingent designations can be irrevocable or revocable.

Thus, revocable beneficiaries specifically stand out because they allow the greatest flexibility for policyowners, enabling them to adapt their beneficiary designations to reflect changing situations in their lives.