What happens if Todd is named the irrevocable beneficiary of a life insurance policy?

In a life insurance policy, naming someone as an irrevocable beneficiary means that person has a permanent claim to the policy's death benefit and cannot be easily removed or replaced. The key aspect of an irrevocable designation is that the policyholder must obtain the consent of the irrevocable beneficiary if they wish to make any changes to the policy regarding the beneficiary. This adds a layer of protection for the irrevocable beneficiary, as their rights to the benefits are secured.

The concept itself centers on the idea of consent in beneficiary changes; thus, since Todd is named as the irrevocable beneficiary, any modification, including replacing him or changing the beneficiary structure, would require his approval, ensuring that his interests are protected. This is particularly relevant in situations where a policyholder may wish to make changes to their estate planning or beneficiary designations.