What does an irrevocable beneficiary designation mean on my life insurance?

An irrevocable beneficiary designation on a life insurance policy means you cannot change or remove that beneficiary without their written consent. Once you designate someone irrevocably, you give up unilateral control over that portion of the policy — you cannot reassign it, surrender the policy, or borrow against it without the irrevocable beneficiary's agreement.

This arrangement is sometimes used deliberately — for example, a former spouse may require an irrevocable designation as part of a divorce settlement to ensure the other party receives a certain amount of life insurance on the policy holder's death.

If you have an irrevocable designation in place that no longer reflects your wishes — say, you named a former spouse irrevocably before the relationship ended — you would need their written consent to change it. If they refuse, you may need legal advice about your options.

By default, most beneficiary designations in Ontario are revocable — meaning you can change them freely. If you are not sure whether a designation is revocable or irrevocable, ask your insurer directly and confirm it in writing. Before accepting or granting an irrevocable designation, get independent legal advice to understand the full implications.