In insurance, what is a beneficiary designation that cannot be changed without the beneficiary's consent called?

In insurance, a beneficiary designation that cannot be changed without the beneficiary's consent is referred to as an irrevocable beneficiary. This means that once a policyholder designates a beneficiary as irrevocable, they cannot alter or remove that beneficiary without obtaining their permission. This designation provides a level of security for the beneficiary, ensuring that the policyholder cannot change the intended recipient of the policy's benefits without the beneficiary's agreement.

This designation is particularly important in situations where the policyholder wants to ensure that a specific individual will receive the death benefit, regardless of any changes in personal circumstances or wishes that might arise later. The irrevocable designation typically comes into play in estate planning and can add complexity when considering future changes or events, such as divorce or changes in life circumstances.

Other terms such as changeable, conditional, and revocable beneficiaries hold different meanings, emphasizing the ability of the policyholder to alter beneficiary designs without needing consent or regarding specific conditions.