Which type of beneficiary cannot be changed without consent?

An irrevocable beneficiary is a type of beneficiary designation that cannot be changed without the consent of that beneficiary. When a policyholder designates a beneficiary as irrevocable, it means that the beneficiary has a vested interest in the policy and their rights cannot be altered by the policyholder without obtaining permission from them. This offers the irrevocable beneficiary a level of security regarding the proceeds of the insurance policy, as they are guaranteed to receive the benefits regardless of any changes the policyholder might want to implement later.

In contrast, a revocable beneficiary can be changed at any time by the policyholder without needing to inform or obtain consent from the beneficiary. Primary beneficiaries are the first in line to receive benefits upon the policyholder's death, and contingent beneficiaries may receive the benefits if the primary beneficiary is not available; both can typically be altered by the policyholder without restriction.