Revocable Beneficiary

Revocable Beneficiary

In the world of life insurance, the beneficiary is the person designated to receive the payout from the policy in the event of death. On policies that allow for revocable beneficiaries, the person who owns the policy can alter the name of the beneficiary without any restriction. An irrevocable beneficiary can only be altered if a name change is approved by the current beneficiary.

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