Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Nov 3, 2021

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The Facts of Life

  • An irrevocable beneficiary is a person or entity designated to receive the assets in a life insurance policy
  • Their entitlements are guaranteed, and they often must approve any changes in the policy
  • Children are often named irrevocable beneficiaries to ensure their inheritance

When you purchase a life insurance policy from one of the many life insurance companies that allow irrevocable beneficiaries, you are securing not only your future assets but your beneficiary’s, too.

If you designate someone as an irrevocable beneficiary, that person has the right to a payout no matter the circumstance. The person or entity that is named as the irrevocable beneficiary cannot be removed under any circumstance from your policy without the consent of that party.

Figuring out what the best life insurance companies have to offer when it comes to irrevocable beneficiaries won’t be hard to do, as there are no life insurance companies that don’t allow irrevocable beneficiaries.

Keep reading to find out how to get affordable life insurance from life insurance companies that allow irrevocable beneficiaries and enter your ZIP code into our free and easy-to-use tool above to start comparing life insurance quotes in your area.

What are the best life insurance companies that allow irrevocable beneficiaries?

Beneficiaries come in a few different forms, such as primary beneficiaries and secondary beneficiaries.

Both of these types of beneficiaries are entitled to whatever sum is determined by the policyholder, and both can also be named either revocable or irrevocable beneficiaries.

Life insurance companies that do allow irrevocable beneficiaries:

Life Insurance Providers A.M. Best Ratings
CompanyA.M. Best Rating
AllstateA+
Banner LifeA+
Guardian LifeA++
Haven LifeA++
John HancockA+
MasMutualA++
Mutual of OmahaA+
NationwideA+
New York LifeA++
Northwestern MutualA++
Pacific LifeA+
Primerica A+
PrincipalA+
ProtectiveA+
PrudentialA+
State FarmA++
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Selecting a life insurance policy can be a difficult decision, especially when you have multiple options to choose from.

What kind of coverage can I get with life insurance companies that allow irrevocable beneficiaries?

It helps to understand not only the different options you have, but what types of policies have to offer when buying life insurance from life insurance companies that allow irrevocable beneficiaries:

  • Term life insurance: temporary life insurance coverage that is for a fixed length of time; most policies range from 5-30 years in length and typically offer a high death benefit for a lower premium (this policy is best for young, healthy individuals looking for low-cost coverage)
  • Whole life insurance: permanent life insurance that is designed to cover individuals for their lifetime; policies may accrue cash value that earns interest and can be borrowed against on a tax-free basis
  • Universal life insurance: permanent life insurance that offers flexible benefit amounts and premiums; policies may accrue cash value that can be invested for additional growth, and borrowed against on a tax-free basis
  • Indexed life insurance: universal life insurance that allows individuals to invest the cash value accrued within the policy into the market (such as the S&P 500) for tax-deferred growth; the cash value balance can be borrowed against on a tax-free basis
  • Guaranteed-issue life insurance: permanent life insurance that offers guaranteed approval for a small amount of coverage, regardless of the applicant’s health status; no medical exam is required for approval of coverage
  • Final expense/burial life insurance: permanent life insurance that is designed to cover end-of-life expenses, such as funeral and burial costs; these policies are typically smaller amounts, and many offer coverage with no medical exam required
  • Annuities: insurance contract that is designed to provide a steady income stream in retirement; these are typically funded in a single lump sum, or with multiple payments during the accumulation phase, and payouts start at the “annuitization” phase and vary depending on the details of the contract

According to the Insurance Information Institute, if you have dependents, it’s best to buy enough life insurance to replace the income you currently generate for them, plus enough to offset any additional expenses that might arise after your death.

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What is the difference between revocable and irrevocable beneficiaries?

As you go through the process of getting life insurance quotes from companies that allow irrevocable beneficiaries, you’ll have a few options when it comes to what type of beneficiary you want.

Choosing a revocable beneficiary is the most common option. It enables you to change the beneficiary or update the policy without having to consult the beneficiary for consent, meaning you’ll have complete autonomy over any policy changes.

With an irrevocable beneficiary, you must include them in every step of the process. If you need to make any changes to your policy or want to remove your beneficiary altogether, you’ll first need the consent of said beneficiary to do so.

Irrevocable beneficiaries also have the ability to change your policy if they choose to.

If a life insurance policy has an irrevocable beneficiary designation, who has the right to change an irrevocable beneficiary?

It’s important to remember that once you name someone or an entity as an irrevocable beneficiary, this is permanent and cannot be changed without the consent of the named party.

Children are often named as irrevocable beneficiaries on their parent’s life insurance policy because it ensures they have complete access to their family’s assets. This will legally guarantee them rights to their assets no matter what happens within the family unit.

Naming irrevocable beneficiaries can often lead to difficult situations since attempting to remove them from your policy will involve lawyers. You will not have the option of simply contacting your insurance company to remove or change your beneficiary.

How to Find the Best Life Insurance Company That Allows Irrevocable Beneficiaries

People who name irrevocable beneficiaries on their life insurance policy often do so for peace of mind. For these circumstances, your money will go directly where you want it to. This guarantees your beneficiaries will have a safeguard on their inheritance.

All life insurance companies allow irrevocable beneficiaries, so it’s important to compare quotes from multiple companies near you to find the cheapest life insurance rates for the level of coverage you need.

Now that you know how to find life insurance rates from companies that allow irrevocable beneficiaries, enter your ZIP code into our free and easy-to-use tool below to start comparing life insurance quotes in your area.