Irrevocable Beneficiary

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Irrevocable Beneficiary

The beneficiary of an insurance policy or a segregated fund who may not be deprived of his/her right to receive the benefit without his/her own consent. This differs from other types of beneficiaries whose benefit may be changed or eliminated at the discretion of the policyholder or other appropriate party.
References in periodicals archive ?
Since the trust is irrevocable, the grandchildren are, in effect, the irrevocable beneficiaries of the insurance on their mother's life, and this is analogous to their owning the insurance on their mother's life.
Don't arbitrarily designate irrevocable beneficiaries or co-owners.

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