If a life insurance policyowner designates a beneficiary as 'irrevocable', what does this mean?

Question: If a life insurance policyowner designates a beneficiary as 'irrevocable', what does this mean?

Answer options: ✅ The policyowner cannot change the beneficiary without the beneficiary's written consent.

• The beneficiary can change the coverage amount.
• The policy can never be surrendered.
• The death benefit is paid to the government if the beneficiary dies first.

Correct answer: The policyowner cannot change the beneficiary without the beneficiary's written consent.

Explanation: An irrevocable beneficiary designation gives the beneficiary a vested interest in the policy, meaning the policyowner cannot alter the policy's value or change the beneficiary without their consent.