I’m going to talk a little bit about an irrevocable beneficiary and how it works in terms of a life insurance policy. Irrevocable beneficiaries are unique in that the policy owner needs the consent of the beneficiary to change that beneficiary. Irrevocable beneficiary designations are often set up as part of a marital breakup. The ex-spouses want to know, as part of the settlement, that the policy owner is going to keep that ex-spouse on as a beneficiary, and that they can’t change that without the beneficiary’s consent. That’s what’s unique about the irrevocable beneficiary: it needs both the consent of the beneficiary and of the policy owner. It differs from a revocable beneficiary, which is the traditional beneficiary set-up, where the owner of the policy can change it at any time without the consent of the beneficiary.
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I work with LSM Insurance on the paramedical side of the industry. Quality Underwriting Services set up the insurance medicals. The LSM team are very easy to work with as they always prepare their clients for the medical procedure prior to our health team going out. This preparation is key and the reason for successful and smooth appointments for their valued clients.
Ms Robbie Gardner RN Vice- President Marketing Quality Underwriting Services Ltd. 3 Centre Street, Ste. 206 Markham, ON. L3P 3P9
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