What is the condition for changing an irrevocable beneficiary in a policy?

The correct answer is that a written consent from the beneficiary is needed to change an irrevocable beneficiary in a policy. An irrevocable beneficiary designation means that the policyowner cannot change the beneficiary without the consent of the irrevocable beneficiary. This protects the rights of the beneficiary, as they have a vested interest in the policy proceeds and their consent is necessary for any alterations to the beneficiary designation.

This requirement ensures that the irrevocable beneficiary is aware of and agrees to any changes that would affect their entitlement to the benefits under the policy. Obtaining written consent serves as a legal confirmation that the beneficiary is in agreement with the proposed change, maintaining the integrity of the agreement made when the beneficiary was initially designated as irrevocable.