What type of beneficiary can be changed at any point by the policy owner?

A revocable beneficiary is a designation that allows the policy owner to change the beneficiary at any time without needing consent from the originally designated beneficiary. This flexibility is significant because the policy owner retains control over whom the benefits will be paid to upon their death. In contrast, a permanent beneficiary usually refers to someone who is designated in a way that makes it difficult or impossible to change that designation. An irrevocable beneficiary is one who has a permanent claim to the policy's benefits and generally cannot be changed without their consent. A conditional beneficiary may have stipulations that must be met before they can receive benefits, further complicating the ability to change the designation.

This understanding is crucial for policy owners who might want to adjust their beneficiaries due to changes in personal circumstances, such as marriage, divorce, or changes in relationships.