Definition of Irrevocable beneficiary:
An irrevocable beneficiary is a beneficiary in a life insurance policy or segregated fund contract. The beneficiary must agree to any changes in the rights to compensation from these entities.
An irrevocable beneficiary has certain guaranteed rights to assets held in the policy or fund. Unlike a revocable beneficiary, where their right to assets can be denied or amended under certain circumstances. .
A designation of beneficiary that can only be changed with that persons consent.
How to use Irrevocable beneficiary in a sentence?
- Changes in a policy must be made before death, or else the irrevocable beneficiary is entitled to whatever assets are listed, regardless of divorce.
- Depending on the individual case a court may rule to make someone an irrevocable beneficiary so that child support payments are secured.
- An irrevocable beneficiary is a more iron-clad version of a beneficiary. Their entitlements are not subject to change and are guaranteed.
Meaning of Irrevocable beneficiary & Irrevocable beneficiary Definition