Irrevocable Beneficiary

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 ?
In fact, one of their children purchased a small whole life policy and designated the charity as the owner and irrevocable beneficiary As a result, the annual premiums that are paid are a charitable deduction.
The purchaser of such a policy becomes the irrevocable beneficiary of the policy on purchase.
Plan participants can make an irrevocable beneficiary designation, usually an irrevocable trust for family members.
The simple use of an irrevocable beneficiary designation will accomplish this estate tax exclusion; using an irrevocable trust named irrevocably as the beneficiary, the taxpayer can achieve a second estate bypass on the death of the surviving spouse.
Upon maturity, the life insurance company pays out the full face value to the new irrevocable beneficiary.
The investor is named as an irrevocable beneficiary on the policy.
Other options include naming a charity as the irrevocable beneficiary of an existing policy or as the owner and beneficiary of a new one.
Upon the death of the policyholder, the life insurance company pays out the full value to the new irrevocable beneficiary.
Full browser ?