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. 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 >>
  2. 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 >>
  3. 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 >>
  4. 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 >>
  5. 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 >>
  6. If both the primary and contingent beneficiaries are unavailable, what happens to ...

    Understand the difference between primary and contingent beneficiaries and what happens to assets when neither are present ... Read Answer >>
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