What is an irrevocable primary beneficiary?

An irrevocable primary beneficiary is a designation that cannot be changed by the policyholder without the consent of the beneficiary. This means that the policyholder would need to obtain the approval of the irrevocable beneficiary in order to make any changes to the beneficiary designation or to cancel the policy. This provides a level of security to the beneficiary, as they know they have a guaranteed right to the benefits upon the insured's death, which cannot be easily altered by the policyholder.

The other options do not accurately capture the nature of an irrevocable primary beneficiary. Some may suggest that an irrevocable designation allows for easier changes, which contradicts its definition, while others might indicate temporary or limited rights, which misrepresent the permanence and security that an irrevocable beneficiary designation provides.