Which type of beneficiary designation allows the policyholder to change beneficiaries at will?

A revocable beneficiary designation allows the policyholder to change beneficiaries at will. This means that the policyholder retains the right to modify who will receive the death benefit from the policy at any time, without needing the consent of the current beneficiary. This flexibility can be important for individuals who may wish to adjust their financial plans in response to changes in their personal circumstances or relationships.

In contrast, an irrevocable beneficiary designation requires the policyholder to obtain consent from the beneficiary before making any changes. This offers the beneficiary a guaranteed interest in the policy, which can be an important consideration for those who want to ensure that specific individuals are protected. The other terms refer to different roles within the beneficiary hierarchy: a primary beneficiary is the first in line to receive the death benefit, while a contingent beneficiary is the alternate, receiving the benefit only if the primary beneficiary is not available.