What type of beneficiary designation allows the policy owner to change the beneficiary at any time?

A revocable beneficiary designation is one that allows the policy owner the flexibility to change the beneficiary at any time without needing to obtain consent from the current beneficiary. This is a key feature for policy owners who may wish to update their life insurance policies in response to changes in their personal circumstances, such as marriage, divorce, or the birth of children.

In contrast, an irrevocable beneficiary designation binds the policy owner to the selected beneficiary, meaning they cannot make changes to that designation without the beneficiary's consent. A contingent beneficiary serves as an alternate beneficiary who will receive the death benefit if the primary beneficiary is unavailable at the time of the insured's death, but does not confer any changing rights to the policyholder. The primary beneficiary is simply the first person in line to receive the benefit but does not inherently indicate the degree of control the policy owner has over making changes. Thus, the flexibility to modify the beneficiary at any time is defined distinctly by the revocable designation.