What is an 'Irrevocable Beneficiary'

An irrevocable beneficiary is a beneficiary in a life insurance policy or segregated fund contract whose compensation cannot be changed without his or her consent.

BREAKING DOWN 'Irrevocable Beneficiary'

If a parent wanted to leave money to a child, the parent could designate that child as an irrevocable beneficiary, thus ensuring the child will receive the compensation of the life insurance policy or the segregated fund contract.

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