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Irrevocable Beneficiary |
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Irrevocable Beneficiary A beneficiary in a life insurance policy or segregated fund contract whose compensation cannot be changed without his or her consent. Notes: For example, if a parent wanted to leave money to a child, the parent could designate that child as an irrevocable beneficiary, thus ensuring the child will receive the compensation of the life insurance policy or the segregated fund contract. |
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Plan participants can make an irrevocable beneficiary designation, usually an irrevocable trust for family members. Upon maturity, the life insurance company pays out the full face value to the new irrevocable beneficiary. Upon the death of the policyholder, the life insurance company pays out the full value to the new irrevocable beneficiary. |
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Irrevocable Beneficiary
