For a life insurance policy with an irrevocable beneficiary designation, what must the policy owner obtain to change the beneficiary?

In a life insurance policy where an irrevocable beneficiary designation is in place, the policy owner cannot freely change the beneficiary. The essence of an irrevocable designation is that the beneficiary has certain rights to the policy, meaning the policy owner must obtain permission from that beneficiary to enact any changes. This requirement protects the rights of the irrevocable beneficiary, ensuring that they have a say in decisions that could affect their benefits under the policy.

In this context, other options do not apply. Consent from the insurance company is typically not required for changes to beneficiaries unless there are specific policy stipulations; legal advice is not mandatory for changing a beneficiary but may be sought for clarity on your rights; and proof of ownership transfer relates to situations where ownership of the policy changes, not merely the designation of beneficiaries.