Revocable Beneficiary

A revocable beneficiary is a beneficiary designation that the policy owner can change at any time without the beneficiary's consent. This is the standard — and most common — form of beneficiary designation. The policy owner retains full control over the policy, including the ability to change beneficiaries, take loans, surrender the policy, or assign ownership without notifying or obtaining approval from the named beneficiary. A revocable beneficiary has no current ownership rights in the policy; their interest is contingent on surviving the insured and having not been removed as beneficiary before the insured's death. Most life insurance beneficiary designations default to revocable unless specifically stated otherwise.