Which of the following statements regarding irrevocable beneficiaries is true?

The statement indicating that the policyowner must have the consent of the irrevocable beneficiary to change the beneficiary is accurate. In the context of insurance policies, an irrevocable beneficiary is someone who has a legal right to the policy’s benefits and cannot be removed or changed without their consent. This feature provides the irrevocable beneficiary with an added level of security and acknowledgment of their rights to the policy's benefits.

In practice, this means that if the policyowner wishes to alter or revoke the designation of an irrevocable beneficiary, they must obtain the beneficiary's approval. This requirement sets irrevocable beneficiaries apart from revocable beneficiaries, who can be changed by the policyowner without needing consent.

The other options either misrepresent the nature of irrevocable beneficiaries or incorrectly outline the rights associated with them.