How is "revocable" defined in relationship to insurance beneficiaries?

In the context of insurance beneficiaries, "revocable" refers to the ability of the policyholder to change the beneficiary designation at any time without needing permission from the beneficiary. This means the policyholder retains control over the beneficiary choice and can alter it based on personal circumstances or decisions. This flexibility is essential because it allows the policyholder to adapt to changes in relationships, financial situations, or intentions regarding who should receive the policy benefits upon their death.

Other terms that might be considered, such as "irrevocable," usually indicate a beneficiary designation that cannot be altered without the consent of the beneficiary, which is a different concept altogether. Thus, understanding "revocable" directly connects to the policyholder's autonomy concerning beneficiary designations.