If an irrevocable beneficiary has been designated, what can the insured do without the beneficiary's permission?

When an irrevocable beneficiary has been designated, the rights of the policyholder are significantly limited concerning changes to the policy and its benefits. However, the insured can discontinue premium payments without needing the beneficiary's permission. The reason this is allowed stems from the nature of the beneficiary designation.

An irrevocable beneficiary cannot be removed or changed without their consent, which means the insured cannot alter who would receive the death benefit upon passing. Similarly, accessing cash values and transferring ownership of the policy typically requires the beneficiary's approval due to their vested interest in the policy's benefits.

Discontinuing premium payments does not alter the beneficiary's rights and does not affect their claim to the death benefit, although it may result in the policy lapsing if sufficient cash value or alternative payment methods are not in place. Therefore, while the insured retains the right to manage the payments regarding the policy, any other significant changes involving the beneficiary are restricted.