Irrevocable Beneficiary

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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RELATED FAQS
  1. Do beneficiaries pay taxes on life insurance?

  2. Under what circumstances will a contingent beneficiary receive an insurance payout?

    Learn the different types of contingent beneficiaries and what conditions must be met for these beneficiaries to receive ... Read Answer >>
  3. What types of insurance policies have contingent beneficiaries?

    Learn what types of insurance policies use contingent beneficiaries and what conditions must be met for the contingent beneficiary ... Read Answer >>
  4. What are the restrictions for naming a given individual as my contingent beneficiary?

    Understand what restrictions may exist, depending on your state and the policy you choose, on naming your life insurance ... Read Answer >>
  5. How do I change my contingent beneficiary?

    Learn what life insurance companies and retirement plan accounts require from you to change your contingent beneficiary designations. Read Answer >>
  6. How are contingent beneficiaries informed of a payout?

    Understand how contingent beneficiaries are made aware of a policy payout, and learn what policy owners can do to ensure ... Read Answer >>
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