Under which beneficiary designation are a policyowner's rights most limited?

The designation of irrevocable beneficiary greatly limits the policyowner's rights compared to other types of beneficiary designations. When a beneficiary is designated as irrevocable, it means that the policyowner cannot make any changes to the beneficiary designation without the irrevocable beneficiary's consent. This includes actions such as changing the beneficiary to another individual or even taking loans against the policy.

In contrast, a revocable beneficiary designation allows the policyowner the freedom to modify the beneficiary at any time and without the consent of the beneficiary. Primary and contingent designations describe the order of payment rather than the rights of the policyowner concerning changes. Thus, the irrevocable designation is particularly significant as it provides the beneficiary with an enhanced security in the policy's benefits, ensuring that the proceeds will go to them as intended, unless they agree to any changes made by the policyowner.