When is consent of the beneficiary not required for a beneficiary change?

When is consent of the beneficiary not required for a beneficiary change?

• A. Consent is never required.
• B. Consent is not required unless the beneficiary is named irrevocable.
• C. Consent is required for all changes.
• D. Consent is required only if the owner wants to cancel the policy.

Answer: (B)

In life insurance, who must consent to a beneficiary change depends on whether the designation is revocable or irrevocable. The policy owner can usually change the beneficiary without anyone’s consent if the designation is revocable. However, if the beneficiary is named irrevocable, the owner cannotchange the beneficiary without the irrevocable beneficiary’s written consent. This protects the beneficiary’s vested interest. So consent isn’t required unless the beneficiary is named irrevocable.

In life insurance, who must consent to a beneficiary change depends on whether the designation is revocable or irrevocable. The policy owner can usually change the beneficiary without anyone’s consent if the designation is revocable. However, if the beneficiary is named irrevocable, the owner cannotchange the beneficiary without the irrevocable beneficiary’s written consent. This protects the beneficiary’s vested interest. So consent isn’t required unless the beneficiary is named irrevocable.