Revocable Beneficiary

A revocable beneficiary is a person who has been named as the beneficiary of a life insurance policy, but whose designation can be changed by the policyholder at any time. This means that the policyholder retains full control over the policy and can choose to change the beneficiary at any time, for any reason.

There are a few reasons why someone might choose to name a revocable beneficiary. One reason is that they may not be sure who they want to receive the death benefit yet. For example, they may have young children and not want to decide who will receive the money if they die while the children are still young. Another reason is that they may want to be able to change the beneficiary if their circumstances change. For example, they may get divorced and want to change the beneficiary to their new spouse.

It is important to note that a revocable beneficiary does not have any rights to the policy proceeds. The policyholder can change the beneficiary at any time, and the revocable beneficiary has no say in the matter.

If you are considering naming a revocable beneficiary, it is important to understand the implications. You should also consider whether you would prefer to name an irrevocable beneficiary, who would have certain rights to the policy proceeds.

Here are some additional details about revocable beneficiaries:

* A revocable beneficiary can be any person, including the policyholder themselves.
* The policyholder can change the beneficiary at any time, for any reason.
* The revocable beneficiary does not have any rights to the policy proceeds.
* If the policyholder dies, the policy proceeds will be paid to the beneficiary named in the policy, regardless of whether the beneficiary is still alive.

If you have any questions about revocable beneficiaries, you should consult with a financial advisor.