What characterizes a revocable beneficiary?

A revocable beneficiary is characterized by the policyowner's ability to change the designated beneficiary at any time without needing permission from the current beneficiary. This flexibility allows the policyowner to adjust their policy according to changing life circumstances, such as marriage, divorce, or changes in financial situations.

This option is practical and highlights the nature of a revocable beneficiary, where the control remains with the policyowner. In contrast, if a beneficiary were irrevocable, any changes would require consent from that beneficiary, which does not apply in this case. The understanding of beneficiary types is crucial in policy management and estate planning.