Call for a FREE Consultation

Offices in NY & NJ

Irrevocable Beneficiary Designations and Life Insurance
15November 17

Irrevocable Beneficiary Designations and Life Insurance

irrevocable beneficiarySometimes, a life insurance policyholder tries to switch beneficiaries — only to discover he or she has designated an irrevocable beneficiary. While changing your beneficiary might seem like a relatively simple matter, life insurance policies frequently require complicated processes. If you (or your insurance agent) miss one step or make one error, your loved ones might lose valuable benefits. Learn more about life insurance beneficiaries below.

Changing Life Insurance Beneficiaries

When you purchase a life insurance policy, you must designate a beneficiary or beneficiaries. However, over time, you might want to change these beneficiaries. This typically occurs after a major life event, such as a marriage, the birth of a child, a divorce, or the death of a loved one. However, changing a life insurance beneficiary is more complicated than simply completing a form.

Before you change beneficiaries, you should carefully review your policy documents. Life insurance policies frequently set out specific conditions and requirements that you must meet before changing beneficiaries. If a policyholder does not meet these requirements, the insurance company will deny your beneficiary change.

Life insurance policies and their related documents can be highly technical and difficult to interpret. If you need help understanding your policy’s terms and conditions, contact a lawyer at Uscher, Quiat, Uscher & Russo, P.C. today.

What Is an Irrevocable Beneficiary?

Sometimes, you might designate someone as an irrevocable life insurance beneficiary — especially as part of an estate plan or pursuant to a divorce decree or nuptial agreement. Unlike most beneficiaries, you cannot remove an irrevocable beneficiary from a life insurance policy without his or her consent. While this permanency offers some benefits, an irrevocable beneficiary can significantly complicated life insurance matters.

Courts have differing opinions about the rights of an irrevocable beneficiary. Some courts believe that they are limited to making decisions about their stake in a policy (such as whether to change or add a beneficiary). However, other courts believe that irrevocable beneficiaries are essentially co-owners of a policy and must be involved in all policy decisions (including the decision to let a policy lapse). Due to this uncertainty, you should never designate someone as an irrevocable beneficiary unless you consult with a life insurance attorney or as required by a court order.

Discuss Your Claim With an Irrevocable Beneficiary Lawyer

If you have questions about your rights under a life insurance policy, contact an irrevocable beneficiary lawyer for assistance. Uscher, Quiat, Uscher & Russo, P.C. assists clients in New Jersey and New York with life and other insurance matters. Contact us for a free consultation today.

Request a
Free Consultation

  • [recaptcha]

What Our Clients Say

  • Mr. Quiat was very specific about my options, chances of a successful appeal, and the costs of same. We did discuss the possibility of taking […]

    ~ Kevin

    unum disability claims
  • Mr. Quiat, and his Team were able to re-instate my disability benefits discontinued by Aetna Insurance. Mr. Quiat was always available, and responded quickly to […]

    ~ Carlos

    unum disability claims
  • Mr. Quiat . Is thorough , pleasant to work with . He exhibits complete competency of his profession . I would highly recommend him . […]

    ~ Insurance Client

    unum disability claims
  • Mike took the time in our initial meeting to truly understand my situation and what I was up against. He listened to my concerns and […]

    ~ Kevin

    unum disability claims
  • As I was facing some of the most difficult times of my life with seemingly no way out, I was most fortunate to meet Michael […]

    ~ Long Term Disability Client

    unum disability claims
  • HE IS THE BEST!!!! He listened very intently to me and took copious notes. At the end of my meeting with him I knew that […]

    ~ Arbitration Client

    unum disability claims
  • GREAT ADVOCATE, CARING, HIGHLY ATTENTIVE, NOT GREED DRIVEN.
    Michael Quiat handled my long term disability case and did so in a very caring manner. […]

    ~ Barbara

    unum disability claims
  • SOLID EXPERTISE Solid expertise… Very responsive in client concerns\Effective advocate in handling interactions with opposing party.

    ~ Employee Benefits Client

    unum disability claims
  • THE MOST RESPONSIVE ATTORNEY Mike stands out as the most responsive attorney…He always made it as easy as possible for me to get things done, […]

    ~ Insurance Client

    unum disability claims
  • EXTRAORDINARY ATTORNEY Mike Quiat is an extraordinary attorney…His extensive experience and expertise was instrumental in obtaining and maintaining my LTD benefits… The compassion he showed […]

    ~ LTD Client

    unum disability claims
  • EXCELLENT!They were very professional, responsive to my questions, and successfully represented me with my claim. I would highly recommend Michael Eli Quiat and Joe Russo […]

    ~ LTD Client

    unum disability claims
  • WELL PREPARED AND PRESENTED Mr. Quiat’s appeal on my behalf was so well prepared and presented there is no doubt something like this is best […]

    ~ Insurance Client

    unum disability claims
  • MIKE GOT RESULTS I’ve worked with many attorneys over the course of my business career. Mr. Quiat is not only knowledgeable and capable, but also […]

    ~ Insurance Client

    unum disability claims
  • WE SUED AND WON… My disability insurance company stopped paying me. We sued and won and Mike got my payments reinstated… I trusted Mike completely, […]

    ~ Insurance Client

    unum disability claims
  • GENUINE CONCERN FOR THE CLIENT I have personally seen Mike Quiat in action on ERISA long term disability cases. Mike takes a personal interest in […]

    ~ Insurance Client

    unum disability claims
  • I NEVER HAD A PROBLEM… I have found him to be experienced, knowledgeable, but not over-bearing … I never had a problem getting appointments, reaching […]

    ~ Employee Benefits Client

    unum disability claims
  • THE HIGHEST REGARD… Michael and his staff have always been very professional, polite, and well informed. … I have nothing but the highest regard for […]

    ~ Contracts Client

    unum disability claims
  • RESPECT AND COMPASSION… I was very scared, anxious, intimidated and unsure of how to handle a particular disability insurance claim with a big company.Mike immediately […]

    ~ Arbitration Client

    unum disability claims
  • “CAN DO” ATTITUDE… When my wife and I met Mr. Quiat my life was in turmoil. Mike sat us down and very calmly listened …When […]

    ~ Insurance Client

    unum disability claims
unum claims New York ERISA Attorney

Professional Affiliations

  • unum disability claims
  • unum claims
  • American Bar Association
  • Michael Eli QuiatReviewsout of 24 reviews
  • Martindale
  • NYC Bar
  • NJSBA
  • Bergen Bar

Areas Served :

Proudly serving all of New York and New Jersey.