Final answer:
A revocable and irrevocable beneficiary designation are similar in that both can be changed at any time.
However, the key difference is that a revocable beneficiary designation can be changed without the consent of the beneficiary, while an irrevocable beneficiary designation requires the consent of the beneficiary.
Both revocable and irrevocable beneficiary designations become irrevocable upon the death of the insured.
Step-by-step explanation:
A revocable and irrevocable beneficiary designation are similar in that both can be changed at any time, regardless of the reason.
For example, if the policyholder no longer wants the designated beneficiary, they can make changes to it. However, the key difference is that a revocable beneficiary designation can be changed without the consent of the beneficiary, while an irrevocable beneficiary designation requires the consent of the beneficiary.
Furthermore, in the case of the death of the insured, both revocable and irrevocable beneficiary designations become irrevocable.
The similarities between a revocable and an irrevocable beneficiary designation involve the conditions after the insured's death.
For both types of beneficiary designations, they become irrevocable upon the death of the insured. This means that after the policyholder passes away, no changes can be made to the beneficiary designations.
Prior to the insured's death, a revocable beneficiary can be changed at any time without the consent of the beneficiary, whereas an irrevocable beneficiary designation requires the consent of the beneficiary for any changes to be made.