What is a significant characteristic of an irrevocable beneficiary?

The significant characteristic of an irrevocable beneficiary is that a consent form is needed for any changes. This means that once a beneficiary is designated as irrevocable, the policyowner cannot unilaterally change or remove them without the beneficiary's consent. This designation is designed to provide a level of security to the beneficiary, ensuring that they remain entitled to the policy benefits unless they agree to any modification.

In contrast, a revocable beneficiary can be changed at the discretion of the policyowner without needing to seek approval from the beneficiary. The permanence of an irrevocable designation adds a layer of protection for the beneficiary's rights, which is crucial in estate planning and ensuring the intended financial support is guaranteed. The other options, such as the ability of the policyowner to change the designation freely or the notion that such designations are always temporary, are not true in the context of irrevocable beneficiaries, as they fundamentally alter the nature of the beneficiary's entitlement.