What type of beneficiary designation allows the policyowner to change the beneficiary at any time?

A revocable designation allows the policyowner to change the beneficiary at any time without needing the consent of the current beneficiary. This flexibility is crucial for policyowners who may wish to update their beneficiaries based on changing circumstances, such as marriage, divorce, or the birth of children. By having the ability to alter the designation, the policyowner retains control over the policy's benefits and can ensure that the intended recipient receives the proceeds upon the insured's death.

In contrast, an irrevocable designation locks the beneficiary in place, meaning that any changes would require the consent of the current beneficiary, making it less flexible. Temporary and permanent designations are not standard terms used in insurance policy beneficiary designations and can be misleading or confusing in this context. Thus, understanding the revocable designation is essential for effective policy management and ensuring that the policy remains aligned with the policyowner's wishes.