Revocable Beneficiary


DEFINITION of 'Revocable Beneficiary'

The ability of a policy owner either to change who will receive the compensation from his or her policy or to terminate the policy without having to get consent from the current beneficiary. Most life insurance policies have this feature.

This is the opposite of an "irrevocable beneficiary".

BREAKING DOWN 'Revocable Beneficiary'

A revocable beneficiary on a policy is usually the best course of action, as it allows you to change the beneficiary on the policy should certain circumstances change. It is harder to change the beneficiary on an irrevocable policy because it requires the consent of the current beneficiary.

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  1. If both the primary and contingent beneficiaries are unavailable, what happens to ...

    One of the most common mistakes in estate planning is not keeping beneficiary designations up to date on life insurance policies ... Read Full Answer >>
  2. Under what circumstances will a contingent beneficiary receive an insurance payout?

    A contingent beneficiary is someone who receives the proceeds of an insurance policy if the person named as the primary beneficiary ... Read Full Answer >>
  3. Are Cafeteria plans taxable?

    Whether the benefits you receive through your employer-sponsored cafeteria plan are taxable depends entirely on which benefits ... Read Full Answer >>
  4. Can I borrow from my annuity to put a down payment on a house?

    You can borrow from your annuity to put a down payment on a house, but be prepared to pay an assortment of fees and penalties. ... Read Full Answer >>
  5. Why is the Cayman Islands considered a tax haven?

    The Cayman Islands is one of the most well-known tax havens in the world. Unlike most countries, the Cayman Islands does ... Read Full Answer >>
  6. Why is Luxembourg considered a tax haven?

    Luxembourg has been the tax haven of choice for many corporations and mega-rich individuals around the world since the 197 ... Read Full Answer >>

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