What type of beneficiary designation does not allow for changes without beneficiary consent?

The designation of an irrevocable beneficiary means that once the policyholder sets this designation, the beneficiary's right to receive the benefits from the policy cannot be changed without their consent. This characteristic provides a level of security for the beneficiary, as it ensures that they will receive the benefits regardless of any changes the policyholder might wish to make in the future.

In contrast, a revocable beneficiary designation allows the policyholder to change the beneficiary without needing to obtain consent from the beneficiary, providing them with significant flexibility. Contingent beneficiaries are named to receive benefits only if the primary beneficiary is deceased or unable to collect the benefits, but their designation can also be altered. A primary beneficiary is the main recipient of benefits upon the policyholder’s death, and this designation can often be changed without consent as well. Thus, the distinctive feature of the irrevocable beneficiary designation lies in its inability to be altered without the approval of the designated beneficiary, ensuring their guaranteed benefit and rights under the policy.