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Useful Terms and Definitions

What is an Irrevocable & Revocable Beneficiary?

Irrevocable beneficiary must give written consent for owner to deal with the policy (surrender, borrow, assign, change beneficiary)

  • Irrevocable designation cannot be made in a will

Revocable beneficiary - any simple designation of a person is revocable - owner can deal with the policy without the beneficiary’s consent.