Insurance Maze Blog

Nov 18

Is The Beneficiary Of Your Life Insurance Policy The Way You Really Want It?

Category: Life Insurance post

November 18, 2007

In addition to determining the right amount of life insurance and the type of insurance needed to meet your own personal financial goals, understanding the two basic categories of beneficiary designations is critical in designing your life insurance progarm.

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Categories of Life Insurance Beneficiary Designations:

Revocable Beneficiary

Just as the name implies, a “revocable beneficiary” can be revoked or changed at the will of the policyowner.

Irrevocable Beneficiary

This category of beneficiary designation means that the policyowner has given up the right to change the beneficiary at will, but must have the consent of the existing beneficiary to make this change.

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