Which type of beneficiary designation allows the policy owner to change the beneficiary at any time?

A revocable beneficiary designation permits the policy owner to change the designated beneficiary at any time and for any reason without needing the consent of the current beneficiary. This flexibility is beneficial for policy owners who may wish to update their life insurance policies in response to changes in personal circumstances, such as marriage, divorce, the birth of children, or changes in relationships.

In contrast, an irrevocable beneficiary designation binds the policy owner to the chosen beneficiary, meaning that any change would require the consent of the irrevocable beneficiary. Conditional and assigned beneficiary designations also provide different stipulations that prevent the same level of flexibility as revocable designations. Therefore, the correct choice reflects the nature of revocability allowing for ongoing control over the beneficiary designation.