Which of the following best describes a revocable beneficiary designation?

A revocable beneficiary designation allows the policyowner to change the beneficiary at any time and for any reason without needing the consent of the current beneficiary. This flexibility enables the policyowner to adapt to changes in personal circumstances, such as a change in relationships or other relevant life events.

In contrast, when a beneficiary designation is irrevocable, the policyowner cannot change it without the consent of the beneficiary, which provides the beneficiary with a certain level of security regarding their claim to the policy benefits. The other options mentioned do not accurately capture the essence of a revocable designation, as they imply restrictions or fixed statuses that do not apply in this context.