What kind of beneficiary can be changed by the policyholder?

A revocable beneficiary is one that the policyholder can change at any time without needing the consent of the current beneficiary. This flexibility allows the policyholder to adjust the beneficiary designation based on changing personal circumstances, such as marriage, divorce, or changes in relationships.

In contrast, an irrevocable beneficiary cannot be changed by the policyholder without the beneficiary's consent. This means that once a beneficiary is designated as irrevocable, the policyholder is essentially giving up the right to alter that designation unless the beneficiary agrees to the change.

While primary and contingent beneficiaries refer more to the order of payment rather than the ability to change them, it's the revocable designation that emphasizes the policyholder's control over future decisions. Therefore, understanding the distinction among these types is crucial for managing life insurance policies effectively.