13 of 20 Life insurance policy beneficiaries can be classified as either revocable or irrevocable beneficiaries. Most beneficiary designations are revocable, which generally means that the policyowner needs the beneficiary's consent to change the beneficiary designation revocable, which generally means that the policyowner can change the beneficiary designation without restriction irrevocable, which generally means that the policyowner can change the beneficiary designation without restriction Irrevocable, which generally means that the policyowner needs the beneficiary's consent to change the beneficiary designation