Revocable Beneficiary
The ability of a policy owner either to change who will receive the compensation from his or her policy or to terminate the policy without having to get consent from the current beneficiary. Most life insurance policies have this feature.
This is the opposite of an "irrevocable beneficiary".
Investopedia Commentary
A revocable beneficiary on a policy is usually the best course of action, as it allows you to change the beneficiary on the policy should certain circumstances change. It is harder to change the beneficiary on an irrevocable policy because it requires the consent of the current beneficiary.
Related Links
Buying Life Insurance: Term Versus Permanent
Long-Term Care Insurance: Who Needs It?
Problematic Beneficiary Designations - Part 1
Problematic Beneficiary Designations - Part 2
See also: Beneficiary, Contract Holder, Irrevocable Beneficiary, Life Insurance, Segregated Fund