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Irrevocable Beneficiary

Definition

Irrevocable Beneficiary: In Canadian life insurance, the person (or persons) whose right to receive the policy’s death benefit cannot be cancelled or changed without that beneficiary’s written consent. Once this designation is made—either when the policy is first issued or by a later, properly signed amendment—the policy owner loses the power to remove or replace the beneficiary, reduce or assign the benefit, borrow against the policy, or surrender or lapse it unless the irrevocable beneficiary (or their legal guardian if the beneficiary is under age or legally incapable) signs off. This ensures that the intended recipient is absolutely guaranteed to receive the proceeds, even if the policy owner incurs debts, divorces, or wishes to change the designation later.

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