Irrevocable & Revocable Beneficiaries

Irrevocable & Revocable Beneficiaries A beneficiary is the person or organization that will receive your policy's death benefit. Your beneficiary can be a person, a charity, a trust, or your estate. When you buy a life insurance policy, you also have the option to name two or more people as a beneficiary on your policy. This could be a spouse and a child, for example. You can also add a contingent beneficiary to your policy, who would receive your death benefit if the primary beneficiary were to pass away before they can claim the money. An irrevocable beneficiary is a life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured's lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary's consent. A revocable beneficiary on the other hand is someone who does not have full access to the funds from your life insurance policy. You can remove them from your policy at any time, for any reason, and they do not need to approve this change. They also have no access to your policy and cannot make any changes. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful