Choosing an irrevocable beneficiary is a decision often made to provide strong financial security in specific circumstances. One common scenario is when life insurance is used as collateral for a loan. In this case, the lender may be named as the irrevocable beneficiary until the loan is paid of...
Delmaine Donson/GettyImages; Illustration by Hunter Newton/Bankrate Bankrate is always editorially independent.To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industr...