Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Oct 29, 2021

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The Brief

  • You can request to have an irrevocable beneficiary on your life insurance policy
  • An irrevocable beneficiary has a lot of control over the policy
  • You can shop for the best life insurance companies online

Buying a life insurance policy is an important step in securing your loved ones’ financial futures, but one of the important parts of setting up a policy is picking a life insurance beneficiary.

This is the person who will be able to access the policy’s death benefit after you die.

If a life insurance policy has an irrevocable beneficiary designation, you can give your beneficiary a lot of control when it comes to the policy, and you can find life insurance companies that allow irrevocable beneficiaries by shopping online.

If you want quotes from life insurance companies that allow irrevocable beneficiaries, enter your ZIP code above to compare free life insurance quotes from local companies today.

Which life insurance companies allow irrevocable beneficiaries?

Most major life insurance companies will allow you to choose an irrevocable beneficiary if you so desire.

If you want to buy life insurance, life insurance companies that allow irrevocable beneficiaries like those listed below can get you the coverage you need:

  • Allstate
  • Nationwide
  • AAA
  • State Farm
  • Globe Life
  • American General
  • Mutual of Omaha
  • Colonial Penn
  • Haven Life

All of the insurance companies you see here will let you add an irrevocable beneficiary to your policy, but bear in mind that with a life insurance policy, you can name multiple people as your beneficiaries. Each person must be designated as a:

  • Primary beneficiary
  • Secondary beneficiary
  • Tertiary beneficiary

Now, there are life insurance beneficiary rules. If the primary beneficiary dies before you, the secondary beneficiary would receive the death benefit, and if they died, the tertiary beneficiary would receive the death benefit.

But where does an irrevocable beneficiary fit into all this?

Let’s take a closer look at what an irrevocable beneficiary is before you make any irreversible changes.

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What is an irrevocable beneficiary?

When you designate someone as an irrevocable beneficiary on your life insurance policy, that person has a level of control over your policy’s death benefit, and even the policy itself.

Adding an irrevocable beneficiary is not something that should be done lightly, because this transfers a lot of power to the said beneficiary.

If, for example, you wanted to remove an irrevocable beneficiary from the policy, you would need to ask them to forfeit their right to the policy’s death benefit. If they do not agree to forfeit their rights to the policy, they cannot be removed.

This is true even if the irrevocable beneficiary is an ex-spouse.

Depending on where you live, you may not even be able to cancel your life insurance policy without the approval of your irrevocable beneficiary.

This is why you should always consider your options before signing anything on the dotted line.

How much does life insurance cost?

Life insurance rates will vary by company and from person to person since rates are heavily influenced by the health of the applicant.

To give you an idea of what you could pay for life insurance, let’s take a look at the rates offered by some of the best insurance companies on the market:

Allstate Life Insurance Rates

Having a life insurance policy through Allstate is not only incredibly convenient, as you can pay your insurance bills online, but it also comes at a reasonable price.

This well-known company boasts that applicants could potentially buy a 20-year term policy that comes with $250,000 of coverage for only $15.09 per month.

Nationwide Life Insurance Rates

With Nationwide, you have a chance to pay $15.74 per month for $250,000 in coverage, and you can pay your bills online.

Nationwide also offers a variety of life insurance products which include term, whole, and universal life insurance policies.

If you need to, you can get a full refund if you cancel your policy within 10 days of buying it.

AAA Life Insurance Rates

For $15.44 per month, you could buy $500,000 in coverage with AAA. Even if you’re not a AAA member, you can still buy a guaranteed issue whole life insurance policy from this company.

This type of policy provides immediate coverage and doesn’t require a medical exam. This makes life insurance accessible even to individuals who have chronic health conditions.

Keep in mind that guaranteed issue life insurance tends to be more expensive than other types of policies.

State Farm Life Insurance Rates

Like Nationwide, State Farm makes many different types of life insurance products available to its clients, including term and whole life policies.

You could get $500,000 in coverage for $32 per month; however, like all life insurance, those in good health will get the lowest rates.

Globe Life Insurance Rates

If you want cheap life insurance rates, look no further than Globe Life, as you could get coverage for just $3.49 a month. Of course, your health and hobbies could change this rate.

But no matter what type of policy you want, be it term, whole, or accidental death, you can obtain it without a medical exam. Globe Life even offers children’s life insurance and mortgage protection products.

American General Life Insurance Rates

While it may not offer up a variety of life insurance policies like Globe Life, American General does offer great rates for term life insurance products.

For example, you could buy a term life insurance policy for $11 per month with this company.

Mutual of Omaha Life Insurance Rates

You can purchase a life insurance policy for as little as $21.29 per month with Mutual of Omaha.

Another great feature about Mutual of Omaha is that it allows its clients to customize their policies by adding different riders that best fit their needs.

These riders can protect against policy lapses and allow your premiums to be waived if you were to lose your job.

Colonial Penn Life Insurance Rates

Colonial Penn advertises that you could potentially buy a life insurance policy without undergoing a medical exam for $9.95 per month.

You must be at least 50 years old to qualify for this policy but you have the potential to receive $50,000 in coverage if you need it.

You can also choose to pay your insurance rates monthly, quarterly, every six months, or annually, and you can cancel your policy for a full refund in the first 30 days.

Haven Life Insurance Rates

Haven Life may be last on the list, but this life insurance company should not be the last one you consider when shopping for life insurance. If you qualify, you could buy $250,000 in coverage for $23 a month.

You can utilize the user-friendly online application to get a quote.

And, if you are pleased with the results, you finalize the process after answering questions about your medical history, your general health, your age, your lifestyle, and your occupation.

What You Need to Know About Life Insurance Companies That Allow Irrevocable Beneficiaries

As you can see, you can get great life insurance rates from life insurance companies that allow irrevocable beneficiaries.

But there are a few things you need to keep in mind. For example, who has the right to change an irrevocable beneficiary?

Only the named irrevocable beneficiary can do so.

Now, if you are still set on adding an irrevocable beneficiary and need a life insurance company, make sure to do your research so you can avoid life insurance companies that don’t allow irrevocable beneficiaries.

You can get free quotes from life insurance companies that allow irrevocable beneficiaries near you today when you enter your ZIP code below.