Under what condition does the policyowner lose the right to change the beneficiary?

The right to change the beneficiary of a life insurance policy is contingent upon the designation type of the beneficiary. When a policyowner names an irrevocable beneficiary, they surrender the right to alter the beneficiary designation without the consent of that beneficiary. This means that once an irrevocable beneficiary is established, the policyowner can no longer unilaterally change who will receive the death benefit upon their passing. This condition protects the interests of the irrevocable beneficiary, ensuring they have a guaranteed claim to the policy proceeds.

In contrast, if a beneficiary is designated as revocable, the policyowner retains the flexibility to modify this designation at any time. The other options do not affect the policyowner's ability to change the beneficiary status. For instance, naming a relative, the policyholder's age, or the type of policy (such as term) does not inherently restrict the ability to change beneficiaries unless the beneficiary is irrevocable.