Which beneficiary designation allows the policyowner to change the beneficiary at any time?

The designation that allows the policyowner to change the beneficiary at any time is the revocable beneficiary designation. When a beneficiary is designated as revocable, the policyowner retains full control over the policy and can modify or replace the beneficiary without needing consent from the current beneficiary. This flexibility is a significant reason why many policyowners select revocable designations, as it accommodates changes in personal circumstances, relationships, or preferences over time.

In contrast, an irrevocable beneficiary designation locks in the beneficiary, meaning the policyowner cannot change it without the irrevocable beneficiary’s consent. Primary and contingent refer to the order of payment upon the death of the insured rather than the ability to change the beneficiary. A primary beneficiary is the first in line to receive the death benefit, while a contingent beneficiary is next in line if the primary beneficiary is no longer able to receive the benefit. Therefore, the correct answer reflects the essential characteristic of beneficiary designations and their impact on the policyowner's rights.