When can the insured change a designation if the beneficiary is irrevocable?

The correct answer is that the insured can change a designation of an irrevocable beneficiary only with the beneficiary's consent. An irrevocable beneficiary is someone who has been designated as the recipient of policy benefits and cannot be changed without their agreement. This means that if the policyowner wishes to change the beneficiary designation, they must first obtain permission from the existing irrevocable beneficiary. This provision is designed to protect the rights of the beneficiary, ensuring they have a say in the designation process.

The other options do not align with the rules governing irrevocable beneficiaries. Changing the designation without restrictions would negate the purpose of making a beneficiary irrevocable, as it would allow the policyholder to alter it freely. Notifying the insurance agent alone does not satisfy the requirement for consent if the beneficiary is irrevocable. Furthermore, no changes can be made after the insured's death, as the beneficiary designations would have already taken effect, and the policy benefits would be payable according to the designation in place at that time.