What type of designation would a policy owner select to permanently change the beneficiary on a life insurance policy?

The designation that a policy owner would select to permanently change the beneficiary on a life insurance policy is irrevocable. An irrevocable beneficiary designation means that the named beneficiary has a secured right to the policy benefits, and the policy owner cannot change this designation without the consent of the irrevocable beneficiary.

In contrast, a revocable beneficiary designation allows the policy owner to change the beneficiary at any time without needing the consent of the current beneficiary. This flexibility, however, means that the beneficiary does not have an automatic entitlement to the policy benefits like an irrevocable beneficiary does.

Choosing an irrevocable beneficiary creates a permanent commitment from the policy owner, making it an important decision in the context of estate planning and financial security for the beneficiary.