Which statement best describes a revocable beneficiary?

A revocable beneficiary is one where the policyowner retains the right to change the beneficiary designation at any time without needing the consent of the current beneficiary. This means that if the policyowner decides to designate a different individual or entity as the beneficiary, they can do so without limitations or restrictions.

The characteristic of being able to change the beneficiary freely is a critical aspect of a revocable beneficiary designation. This flexibility allows the policyowner to adjust their beneficiary choices based on personal circumstances, such as changes in relationships or financial needs.

In contrast, a permanent vested interest, which suggests that the beneficiary has an unchangeable claim to the policy benefits once named, describes an irrevocable beneficiary, not a revocable one. Additionally, while it is true that the beneficiary will typically receive proceeds only after the insured's death, this applies in a general context and does not specifically characterize a revocable beneficiary. Lastly, the stipulation that consent is needed to change the beneficiary designation applies to irrevocable beneficiaries, further distinguishing the nature of revocability in beneficiary designations.